By Admin:
President Bola Tinubu is expected to meet with the leadership of Nigeria’s power-generating companies as part of an emergency effort to address the N4tn debt threatening to cripple the country’s electricity supply chain.
The move follows a high-level meeting on Tuesday between the Minister of Power, Adebayo Adelabu, and chairmen of GenCos in Abuja, amid mounting fears of a possible collapse of the national grid due to liquidity constraints in the sector.
A statement by the minister’s Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, on Sunday, said the Federal Government had resolved to settle a substantial portion of the debt immediately while the remainder would be cleared through financial instruments such as promissory notes within the next six months.
