Starting in April 2024, FG Will Settle Debts to Power Plants Like Egbin

  • Minister Adebayo Adelabu visited Egbin Power Plant in Lagos, highlighting the comprehensive assessment of challenges in Nigeria’s power sector, ranging from infrastructure to supply chain constraints.
  • The Federal Government commits to proactive measures, prioritizing debt settlement for power plants like Egbin to enhance efficiency and continuous operation.
  • Efforts are underway to facilitate access to foreign exchange for power generation companies and address gas supply constraints through collaborative dialogues with relevant stakeholders, aiming for long-term sustainability in the power sector.

Nigeria’s honourable minister for power, Adebayo Adelabu, recently visited the Egbin Power Plant in Lagos state. Throughout this visit, he emphasized the thorough diagnosis undertaken to understand the multifaceted challenges currently gripping Nigeria’s power sector.

These challenges span from infrastructure limitations to supply chain constraints, all of which demand urgent attention and action to bolster power supply nationwide.

The Federal Government pledges unwavering dedication to implementing proactive measures in line with this commitment. Commencing in April, a paramount focus will be placed on settling outstanding debts owed to pivotal power plants such as Egbin Power.

This strategic move aims to incentivize the continuous operation of these vital facilities and bolster their overall efficiency. Furthermore, cognizance is given to the critical necessity of facilitating access to essential foreign exchange for power generation companies, which is essential for their maintenance and operations.

Recognizing its pivotal role in sustaining and augmenting power output nationally, decisive actions are underway to streamline this access within the broader context of the country’s energy infrastructure.

According to Adelabu, ongoing dialogues with the Ministry of Petroleum Resources and gas suppliers are centred on alleviating gas supply constraints and expediting debt repayment processes. Through concerted, collaborative efforts involving all stakeholders, endeavours are committed to devising solutions beneficial to the entire sector’s long-term sustainability.

Adelabu also said the gas shortage presents a formidable impediment to the functionality of gas power plants. Collaborative efforts with the Ministry of Petroleum Resources and gas suppliers are vigorously pursued to tackle this issue head-on and ensure a dependable gas supply for power generation.

During the visit, Adelabu commended the Board and Management team of Egbin Power for their steadfast commitment to infrastructure improvement and maintenance despite myriad challenges. According to him, their unwavering dedication significantly fortifies the resilience of the power sector, ensuring its continued operation and advancement.

2 thoughts on “Starting in April 2024, FG Will Settle Debts to Power Plants Like Egbin

Leave a Reply

Your email address will not be published. Required fields are marked *