President Bola Tinubu plans to meet with the leadership of Nigeria’s power-generating companies. The meeting is part of an emergency effort to address the N4tn debt threatening to cripple the country’s electricity supply chain.
This follows a high-level meeting on Tuesday between the Minister of Power, Adebayo Adelabu, and chairmen of Gencos in Abuja, amid mounting fears of a possible collapse of the national grid due to liquidity constraints in the sector.
A statement from the Power Ministry says the government pledged immediate action to reduce the N4tn debt owed to power generation companies.
The statement by the minister’s Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, stated that the Federal Government had resolved to settle a substantial portion of the debt immediately, while the remainder would be cleared through financial instruments such as promissory notes within the next six months.
He said this would be proposed in a meeting being planned between President Bola Tinubu and the Gencos’ leadership
