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Peter Uzoho
Egbin Power Plc has said the total debt the Nigerian Bulk Electricity Trading Plc (NBET) owes the power generating company is presently at N388 billion.
The Director of Egbin Power Plc, Mr. Kola Adesina, disclosed this yesterday, when the Senate Committee on Privatisation and Commercialisation undertook a visit to the plant in Lagos.
Adesina, however warned that the huge debt the NBET was owing the plant may put a question mark on the country’s sanctity of contracts and discourage investments in the nation’s power sector.
He pleaded with the Senate committee to help address the debt as well as the gas supply challenge facing the company and other power generation companies (Gencos) in the country.
How dodgy accounting lands MDAs in trouble dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
Total electrification of Nigeria has now become imperative
Nigeria s Minister of Power Saleh Mamman
The issue of 24 hours a day, seven days a week adequate electricity supply to all the villages, towns and cities in Nigeria has remained a matter of concern to many well meaning Nigerians ever since the country acquired self rule on 1 October 1960. The huge sums of money allocated to this sector have never been appropriately utilized because of the cancerous official corruption that has continued to eat deeply into the fabric of the Nigerian society, especially among the civil service and government agencies saddled with the responsibility of projects management.
Electricity Regulatory Commission (NERC)
indicated its readiness to conclude the
Extraordinary Tariff Review process for the 11 Distribution companies (DisCos) and commence the processes for the July 2021 Minor Review of Multi-Year Tariff Order (MYTO) â 2020, in its recently released notice tagged âNotice of Minor
and Extraordinary Review of Tariffs for Electricity Transmission and Distribution Companies.
According to the electricity regulatory body, factors to be considered in the review process include changes in inflation, foreign exchange, gas prices, available generation capacity, and
capital expenditure (CAPEX) required to evacuate and distribute the available generation capacity.
The proposed electricity tariff review is in consonance with the MYTO methodology in setting out the basis and procedures for reviewing electricity tariff in the country which was adopted by NERC and backed by the provisions of the Electric Power Sector Reform Act (âEPSRAâ).