Finance Ministry instructed by Tinubu to clear gas debts and GenCos debts immediately
President Bola Ahmed Tinubu has given a directive to the Ministry of Finance to promptly settle the debts related to gas supply in the power sector.
Additionally, he has mandated the payment of outstanding debts owed to the electricity Generation Companies (GenCos) with a payment guarantee in place.
Speaking at the 8th African Energy Market Place in Abuja, with the theme "Towards Nigeria's Sustainable Energy Future: Policy, Regulation, and Investment – A Policy Dialogue for the National Integrated Electricity Policy and Strategic Implementation Plan (NIEP-SIP)," Minister of Power, Chief Adebayo Adelabu, made this announcement.
Chief Adelabu disclosed that the implementation of the band A electricity tariff on April 3, 2024, has resulted in a 40% reduction in production costs.
He furthe...