FG set to initiate N1.4 trillion debt repayment to Egbin Power in April

FG set to initiate N1.4 trillion debt repayment to Egbin Power in April

The Minister of Power, Adebayo Adelabu, reiterated the federal government's pledge to gradually settle the debt owed to Egbin Power PLC, commencing in April.

According to Daily Trust, the outstanding debt owed by the government to Nigeria's largest power generation company amounts to a staggering N1.4 trillion. The minister, during his visit to the Egbin Power plant in Ikorodu, Lagos, emphasized the government's determination to address this financial obligation.

As part of his efforts to foster collaboration and tackle sectoral challenges, the minister assured stakeholders of the government's commitment to resolving issues surrounding forex allocation to the company.

"The federal government is prioritizing payment of the outstanding debt," stated the minister, emphasizing the government's intention to initiate payments from April onwards to encourage continued operations.

Furthermore, addressing concerns regarding forex allocation constraints faced by power generation companies, the minister assured that necessary measures are underway to ensure prioritized forex allocation to facilitate smoother operations within the sector.

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