ELECTRICITY: FG PAYS 45% OF GENCOS’ INVOICES –  ADELABU

The Minister of Power, Chief Adebayo Adelabu says the Federal Government has paid 45 per cent of invoices submitted by electricity-generating companies (GenCos) in Nigeria.

He said this has gone a long way in reducing the financial challenges GenCos encounter in different parts of the country.

He was speaking at the inauguration of the 110MVA power transformer at the 132/33KV Transmission substation in Isolo, Lagos.

The Minister explained that the energy invoice payable to GenCos dropped to 38 per cent last year, due to the increase in energy supply. 

He described the balance as the government subsidy from the tariff short form.

Chief Adelabu further revealed that N220 billion was paid a few months ago, out of N1.3 trillion owed the GenCos, adding that the cost-related tariff being paid will make funds available to the generating companies as more customers are migrated to the Band A segment.

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