N156 Billion Debt: GenCos Seek FG’s Intervention to Avert Shut Down of Facilities

Electricity-new

Consumer Rights Advancement Organisation has appealed to the Federal Government to stop electricity generation companies from shutting down their operations over N156 billion debts.

The GenCos, in newspaper advertisements on Aug. 8, threatened to shut down their plants over N156 billion debts owed by some government agencies.

Mr Adeolu Ogunbanjo, the President of CRADO, a non-governmental organisation, on Friday condemned the development and urged the government to urgently step in to save over 170 million Nigerians from total darkness.

Ogunbanjo appealed to both the legislature and the executive to assist these companies in ensuring the recovery of the debts so as not to cripple the economy.

 He said that the threat of the GenCos should be taken seriously since it was capable of collapsing businesses in the country.

Ogunbanjo suggested that government should initiate settlement of the debts through the Central Bank of Nigeria and Nigeria Electricity Stabilisation Fund.

He said that the non-availability of gas was the biggest challenge facing these GenCos, adding that if there was adequate gas supply to these companies, electricity generation would be increased from the current 2,673.4 mega watts.

Source

 

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