FG to begin payment of N1.4tr debt to Egbin Power in April

The Minister of Power, Adebayo Adelabu, has affirmed the federal government’s commitment to gradually offset the debt owed Egbin Power PLC, starting next month April.

Daily Trust Saturday reports that the federal government owes Nigeria’s largest power generation company to the tune of N1.4 trillion.

The minister during a visit to the power plant in Ikorodu, Lagos, as part of his strategic measures to strengthen understanding among stakeholders and address the challenges in the sector, also promised that the government would address the constraints of forex allocation to the firm.

The Minister said: “The federal government is prioritising paying down on the outstanding debt and I have assured the Board and management of Egbin Power that effective April, we will start paying as a form of encouragement to continue to have them in operations.”

Regarding the constraints encountered by power generation companies in accessing foreign exchange, the minister assured that crucial steps are being taken to prioritise allocation of forex to the power generation companies.