President Bola Tinubu has set up a committee to pay the outstanding debts owed to power Generating Companies (GenCos) and Distribution Companies (DisCos) in the country.
The Federal Government owes the GenCos and DisCos N6 trillion in electricity subsidies.
The Permanent Secretary of the Federal Ministry of Power, Mahmuda Mamman, revealed this while delivering a goodwill message at the 10th anniversary celebration of the Association of Power Generating Companies (APGC), held on Monday in Abuja, with the theme “A Decade of Powering Progress, Driving Nigeria’s Energy Transformation.”
The Permanent Secretary, who was represented by a director from the ministry, Mrs. Evangeline Olumoroti Babalola, said the committee has been tasked not only with clearing the debts but also with establishing sustainable payment mechanisms to prevent future accumulations.
“In recognition of the critical importance of resolving this issue for the sustainability of our power sector, Mr. President has constituted a committee specifically mandated to address the payment of outstanding debts owed to the GenCos.
“This committee has been charged with the responsibility of developing a comprehensive framework for clearing these debts and establishing sustainable payment mechanisms that will prevent such accumulations in the future,” the Permanent Secretary said. (Tribune)
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