- NBET owes Egbin Power ₦388 billion
- Senate Committee visits Ebgin power plant
- Egbin to invest $2 billion in power plant
The Nigerian Bulk Electricity Trader (NBET) currently owes Egbin Power over ₦388 billion, according to Director, Egbin Power, Mr. Kola Adesina. Adesina made this known during a visit by the Senate Committee on Privatisation and Commercialisation to the plant in Egbin, Lagos. Adesina gave the breakdown of the debt to include
”….there are challenges we face that we want this committee to help us with, the NBET still owes Egbin a debt of N388 billion including money for actual energy wheeled out and interest for late payment,” Adesina said while stating the investment plans for the power plant. He stated that the company would invest $1.8 billion for Egbin Power 2 and overhaul of the existing plant as well as $200 million for the estate (quarters).
”We are having a future investment including the Egbin 2 expansion, overhauling of Egbin 1 and staff quarters that will cost $2 billion,” Adesina said.
Speaking on the challenges faced by Egbin Power, Adesina noted the challenge of gas constraint, which has cost Egbin power 106.34MW since June 2020. He added that so far in 2021, Egbin Power had lost ₦13.68 billion to these challenges.