Cynthia Ezegwu
The Federal Government has constituted a committee to handle the cost of excellent money owed owed to Power Generation Companies (GenCos) and to determine a sustainable cost mechanism to stop future accumulation.
Permanent Secretary within the Ministry of Power, Mahmuda Mamman, disclosed this on Monday in Abuja in the course of the Tenth-anniversary celebration of the Association of Power Generation Companies of Nigeria (APGC).
Mamman, represented by a Director within the Ministry, Mrs. Evangeline Babalola, stated the committee’s mandate consists of clearing present money owed and guaranteeing long-term {financial} stability within the energy sector.
“In recognition of the critical importance of resolving this issue for the sustainability of our power sector, Mr. President has constituted a committee specifically mandated to address the payment of outstanding debts owed to the GenCos,” Mamman stated.
He counseled the technology firms for his or her resilience and patriotism regardless of the {financial} constraints, noting that their continued operations have stored Nigeria’s electrical energy grid useful.
“You have not abandoned your posts in spite of severe liquidity challenges that would have forced closure in any other industry. This is not just business; this is patriotism in action,” he stated.
Mamman added that President Bola Tinubu was absolutely conscious of the liquidity challenges going through the Nigerian Electricity Supply Industry (NESI) and remained dedicated to discovering lasting options.
Also talking, Chairman of the Senate Committee on Power, Senator Enyinnaya Abaribe, praised the APGC for its function in shaping vitality coverage and selling stability within the sector over the previous decade.
He stated the affiliation had navigated advanced regulatory challenges whereas fostering collaboration amongst stakeholders throughout the electrical energy worth chain.
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“Through persistent engagement and strategic advocacy, the association has shaped discourse around energy security, investment attraction, and operational sustainability within the power generation landscape,” Abaribe stated.
Chief Executive Officer of APGC, Joy Ogaji, highlighted the affiliation’s achievements over the previous 10 years, together with selling transparency, sustainability, and coverage reforms within the energy sector.
“From humble beginnings, APGC has grown into a respected, results-driven association that unites generation companies under a common purpose — to power Nigeria’s future sustainably and responsibly,” she stated.
Ogaji added that regardless of recurring challenges akin to fuel shortages, liquidity points, and grid limitations, GenCos stay dedicated to driving Nigeria’s vitality transformation by means of persistence and collaboration.
