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President Tinubu to meet with Nigeria’s power-generating companies as part of effort to address N4tn debt threatening to cripple the country’s electricity supply.
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.
The government pledged immediate action to reduce the N4tn debt owed and Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, stated that the Federal Government had resolved to settle a substantial portion of the debt immediately.
Adelabu acknowledged the role of systemic failures and policy inconsistencies in the sector’s woes, adding that the government was not only focused on debt repayment but also committed to pushing reforms that would ease operational challenges.
He advocated for a full liberalisation of the electricity market and called on Nigerians to embrace cost-reflective tariffs, stressing that subsidies were no longer sustainable in the long term. “Citizens must pay the appropriate price for the energy consumed.
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