Electricity: FG Assures Local Investors Of Support

290714F.Babatunde-Fashola

The Minister of Power, Works and Housing, Mr Babatunde Fashola, has assured local investors of the government’s readiness to support prospective investors in the power sector.
Fashola gave the assurance on Monday during the commissioning of 115 Megawatt Gas Turbine 15 at Transcorp Power Company, Ughelli in Delta State.
The minister said gas was essential to power generation and urged stakeholders in the Niger Delta to sustain the peace already returning to the once volatile region.
“This current administration is willing to support local investors who are putting their resources into the power sector.
“While we are looking for foreign investors, the President Muhammadu Buhari’s administration understands that the local investor is the most dependable investor.
“The local investor is not going to run when the ship hits stormy waters and it is their continuity and commitment to continue to invest that really dignifies the Nigerian economy.
“To the Transcorps groups and other local investors, the Buhari administration heard you loud and clear.
” We are dealing with the challenges of solving the issues that you face one after the other. One of them as you have referred to is the payment assurance scheme that has now been put in place.
“The power that you now produced will be paid for every day you put it on the grid. That is what that funding is for.
“You have acknowledged the appointment of a new Managing Director of Transmission Company of Nigeria (TCN).
“It is because we know that when you produce the power, unless we want to lose it, it must quickly transport it and that is the reason TCN is being reformed,” he said.
Responding, the Chairman of Transcorp Power Company, Mr Tony Elumelu, urged government to assist investors in the power sector to deliver on their goals to the consumers by making funds meant for them available.

 

Source: TheTide

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