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FG considers rescheduling debts owed by DisCos

By Terhemba Daka, and Clement Nwoji (Abuja)   |   11 July 2017   |   4:25 am  

The Federal Government approved N701 billion for the Nigeria Bulk Electricity Trading Plc (NBET) early this year as power purchase guarantee fund to enable it pay for power purchases from the Generation Companies (GenCos). PHOTO:csiro.au

The Federal Government is working out modalities for rescheduling debts owed by power Distribution Companies (DisCos) as a means of resolving the crisis hindering the sector from efficient service delivery.

The Minister of Power, Works and Housing, Babatunde Fashola, disclosed this yesterday at the 17th power sector monthly meeting in Abuja.

The Federal Government approved N701 billion for the Nigeria Bulk Electricity Trading Plc (NBET) early this year as power purchase guarantee fund to enable it pay for power purchases from the Generation Companies (GenCos).


The Minister, who was represented by the Permanent Secretary (Power), Louis Edozien, said that payments to GenCos from the N701 billion fund for the months of January to February had been made while that of March is being worked on by the Ministry of finance and the Central Bank of Nigeria.

Meanwhile, the Nigeria Industrial Policy and Competitiveness Advisory Council yesterday met with Acting President Yemi Osinbajo in Abuja, where they discussed ways to address the intractable infrastructure problem in Nigeria, particularly the low power generation in the country.

Briefing State House Correspondents, Minister of Industry, Trade and Investment, Okechukwu Enelamah, said the council which was recently inaugurated, has come out with modalities on how to approach its work.

The minister said the council which includes Africa’s richest man, Aliko Dangote, has divided its members comprising of government operatives and captains of industry into groups to tackle specific critical problems.

Also, Chairman BUA Group, Abdulsamad Isyaku Rabiu, said the council was looking into the problems, including the state of the country’s power sector.



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