Ezekiel Awojide, Abuja
The Minister of Power, Mr Adebayo Adelabu, on Sunday said that a meeting has been scheduled between President Bola Tinubu and the leadership of the Power Generation Companies over a N4-trillion debt.
Adelabu said that the meeting was scheduled with a view to finding a common ground to settle the debt owed the GenCos.
Mr Bolaji Tunji, Special Adviser, Strategic Communications and Media Relations to the minister of power said this in a statement in Abuja on Sunday.
Adelabu assured that the Federal Government would immediately pay a significant portion of the debt, while the balance would be settled using financial instruments such as promissory notes within six months.
The minister acknowledged government’s role in the sector’s woes and pledged to introduce reforms to remove operational bottlenecks.
He also advocated for the full liberalisation of the power sector, calling on Nigerians to embrace cost-reflective tariffs while assuring that targeted subsidies would continue for the most vulnerable citizens.
GenCos, led by Col. Sani Bello(retd), warned of an imminent collapse of the power ecosystem if liquidity challenges persisted.
Kola Adesina, chairman of Egbin Power, described the situation as a national emergency, while Joy Ogaji, CEO of the Association of Power Generation Companies, cited issues such as chronic payment defaults, erratic gas supply, and the naira’s devaluation as major threats to sustainability.
Adelabu called for collaboration with GenCos to educate Nigerians on electricity use and payment realities, as part of efforts to stabilise and reform the sector.
