FG commits to clearing N1.4 trillion debt to Egbin Power, payments to begin in April
Minister of Power, Adebayo Adelabu, has reiterated the federal government’s dedication to gradually settling the N1.4 trillion debt owed to Egbin Power PLC, with payments slated to commence in April.
Reported by Daily Trust Saturday, the substantial debt owed by the federal government to Nigeria’s foremost power generation company underscores ongoing challenges within the sector.
During a visit to the Egbin Power plant in Ikorodu, Lagos, the minister emphasized the government’s commitment to addressing sectoral hurdles and fostering stronger collaboration among stakeholders.
Adelabu further pledged to tackle the issue of forex allocation constraints faced by power generation firms, acknowledging the pivotal role of foreign exchange in sustaining operations within the sector.
He stated, “The federal government is prioritising payments towards the outstanding debt, and I have assured the Board and management of Egbin Power that effective April, we will commence payments as a gesture of support to maintain their operational continuity.”
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Addressing concerns regarding forex access for power generation companies, the minister assured stakeholders that significant measures are underway to streamline and prioritise forex allocation to bolster the operational capacity of these crucial entities.
