FG will only pay GENCOS verified debts – Fashola
The Federal Government said on Friday it would only pay legally verifiable debts owed the power generation companies (GENCOS).
The debts, estimated at several billions of naira, were incurred due to inability of the government to provide financial assistance to the firms, as contained in the Share Purchase Agreement signed with the companies during privatization.
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, stated this during a visit to Egbin Power Plant in Lagos.
The visit was Fashola’s first since his appointment as minister last month.
He said the additional 220 Megawatt (MW) of electricity produced by the Egbin Power Plant, should be distributed to consumers, especially the high energy consumers like industries, on buyer- to- seller basis.
Source: The Nation
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