In a recent statement, the Minister of Power, Adebayo Adelabu, reiterated the federal government’s dedication to gradually clearing the debt owed to Egbin Power PLC, beginning in April. The outstanding debt, reported to amount to a staggering N1.4 trillion, has been a pressing concern for Nigeria’s largest power generation company.
During a visit to the Egbin Power Plant located in Ikorodu, Lagos, Minister Adelabu emphasized the government’s commitment to addressing the challenges within the sector. He stated that fostering understanding among stakeholders is paramount to overcoming obstacles and ensuring the sustainable operation of power facilities across the nation.
Moreover, Minister Adelabu assured Egbin Power PLC of the government’s intention to alleviate constraints related to forex allocation. Recognizing the critical role of foreign exchange in the power generation sector, he pledged to prioritize the allocation of forex to power generation companies to facilitate their operations.
“The federal government is prioritizing paying down on the outstanding debt,” Minister Adelabu affirmed. “Effective April, we will start paying as a form of encouragement to continue to have them in operations.”