Abuja, May 16, 2024 – Adebayo Adelabu, the Minister of Power, says President Tinubu has directed the Ministry of Finance to pay federal government’s debts to the power sector.
Adelabu said the debts were those owed on gas supply and debts to electricity Generation Companies (GenCos) with payment guarantees.
He said this on Thursday in Abuja during the ongoing 8th African Energy Market Place with the theme: “Towards Nigeria ‘s Sustainable Energy Future: Policy, Regulation and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP).”
He said the band A electricity tariff introduced on April 3, 2024 had reduced the cost of production by 40 percent
The Minister also said the Nigerian Electricity Supply Industry (NESI) had recorded a new feat of 5,000MW with the generation of 700MW from Zungeru hydroelectric power plant. (GBN)
