Tinubu approved payment of N3.3tn power sector debts

President Bola Ahmed Tinubu has approved part payment of all power sector debts, estimated at N3.3 trillion. Adebayo Adelabu , Nigeria's Minister of Power, disclosed this at Thursday's 8th Africa Energy Marketplace in Abuja. He noted that the federal government's N1.3 trillion debt to power-generating companies would be paid via cash injections and promissory notes, while about $1.3 billion owed to gas companies will be paid via cash and future royalties.

Minister of State Petroleum to defray the outstanding debts owed to the gas supplying companies to the power sector operators. 'The payments will be in parts. We have the legacy debt and the current debt. For the current debt, approval has been given for a cash payment of about N130bn from the Gas Stabilisation Fund, which the Federal Ministry of Finance will pay if it hasn't already,' he said. In March, the government paid $120 million out of the $1.

Source: Energy Industry News (energyindustrynews.net)

Tinubu

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tinubu to open African counter-terrorism summit in AbujaPresident Bola Tinubu will on Monday, April 22, open the African Counter-Terrorism Summit in Abuja.
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Tinubu: I'll continue to take difficult decisions — even if there's short-term painPresident Bola Tinubu says he will continue to make difficult decisions on behalf of Nigerians.
Source: thecableng - 🏆 2. / 80 Read more »

Tinubu appoints Jim Ovia as chairman of education loan fundPresident Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund.
Source: thecableng - 🏆 2. / 80 Read more »

Fuel subsidy was removed for Nigeria not to go bankruptPresident Bola Tinubu said the subsidy was removed to prevent Nigeria from going bankrupt.
Source: vanguardngrnews - 🏆 5. / 75 Read more »

We’re investing in technology for transparency, accountabilityPresident Bola Tinubu says his administration is investing in technology tailored towards ensuring transparency and accountability ...
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Tinubu will return to Nigeria on Wednesday, says presidencyThe presidency has announced that President Bola Tinubu will return to Nigeria from Europe on Wednesday.
Source: thecableng - 🏆 2. / 80 Read more »