President Bola Ahmed Tinubu has approved the gradual payment of power sector debts estimated at over N3. 3 trillion.
Consequently, about N1. 3 trillion owed power generating companies by the Federal Government will be paid via cash injection and promissory notes, while about $1.3 billion or N1. 994 trillion using the official closing rate owed to gas companies will be paid via cash and future royalties.
Already, the Federal Government has commenced payment of cash part of N1. 3 trillion debt owed GenCos and concluded plans to settle the second part via promissory notes within a time frame ranging from two to five years.
The Minister of Power, Chief Adebayo Adelabu, disclosed this at the 8th Africa Energy Marketplace held on Thursday in Abuja -Nigeria.
-9News Nigeria.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com