Nigeria Moves to Settle N4 Trillion Electricity Debt Amid Blackout Fears
Image Credit: legit- The Nigerian federal government has pledged to urgently address a N4 trillion debt owed to Power Generation Companies (GenCos), comprising N1.9 trillion in legacy payments and N2 trillion for 2024, following high-level talks.
- Minister of Power Adebayo Adelabu assured that part of the debt would be paid immediately in cash, with the remainder settled through promissory notes within six months to avoid a nationwide blackout.
- The government aims to stabilize the power sector by fully liberalizing it, adopting reforms, and encouraging cost-reflective tariffs while maintaining targeted subsidies for vulnerable Nigerians.
- GenCos leaders highlighted challenges including payment defaults, gas supply issues, and currency fluctuations, stressing the critical importance of resolving the debt to prevent sector collapse.
More from Legit
Anglican Bishop Warns Tinubu: 2027 Election Will Reject APC Defectors, Says Nigerians Decide Future
Anglican Bishop Ephraim Ikeakor criticised Nigerian politicians for prioritising personal gain over public welfare and for frequently defecting to the ruling APC despite its negative impact on Nigerians. He described politicians as lacking clear political ideology and condemned their support...
Nigeria
brief
NPA Launches $1 Billion Port Upgrades Boosting Nigeria’s Maritime Economy and Trade in 2024
The Nigerian Ports Authority (NPA), under MD Dr. Abubakar Dantsoho, is spearheading a $1 billion reconstruction of Tincan Island Port and rehabilitation of other major ports including Apapa, Rivers, Onne, Warri, and Calabar to modernize infrastructure and expand capacity. These...
Business
brief
Air India crash kills doctor couple and three children; haunting selfie captures final moments
A devastating Air India plane crash near Ahmedabad on June 12 claimed 241 lives, including a doctor couple and their three young children, with only one survivor confirmed. The family, comprising Dr. Komi Vyas, who recently left her hospital job...
Crime
brief
Dangote, Rainoil Quietly Adjust Petrol Prices as Landing Cost Drops Amid Market Shifts
The Dangote Petroleum Refinery and Rainoil Lagos have quietly adjusted petrol prices during Nigeria’s democracy day holiday, with Dangote reducing its price slightly to N827 per litre and Rainoil increasing theirs to N850 per litre. New data from the Major...
Business
brief
Deacon Famous Apologizes to Veekee James on Her 30th Birthday: “I’m Not Your Enemy”
Popular content creator Deacon Famous publicly apologized to fashion designer Veekee James on her 30th birthday for previously making unpleasant comments about her wedding, which he described as dark humor. In a heartfelt social media post, he acknowledged his mistake,...
Celebrity
brief
Tinubu’s Benue Visit Draws Criticism as Obi Demands Immediate Action on Mass Killings and Flood Relief
President Bola Ahmed Tinubu plans to visit Benue State on Wednesday following the massacre of over 200 villagers, a move described as a solidarity visit by the Presidency. Labour Party leader Peter Obi criticized the delay, stating that immediate presidential...
Top 5 Personal Loans for Bad Credit with Guaranteed Approval and No Credit Check Needed
Individuals with bad credit can still obtain personal loans through specialized lenders who offer guaranteed approval and flexible terms online. Top lenders highlighted include Upstart, Upgrade, MaxLoan365, 50K Loans, and Wizzay, each catering to different borrower needs like quick approval,...
NPA Launches $1 Billion Port Upgrades Boosting Nigeria’s Maritime Economy and Trade in 2024
The Nigerian Ports Authority (NPA), under MD Dr. Abubakar Dantsoho, is spearheading a $1 billion reconstruction of Tincan Island Port and rehabilitation of other major ports including Apapa, Rivers, Onne, Warri, and Calabar to modernize infrastructure and expand capacity. These...
Edo Governor Launches Committees to Resolve Security and Land Boundary Conflicts
Governor Monday Okpebholo of Edo State has inaugurated two committees to address critical issues of security and land disputes, aiming to enhance peace and stability. The Livestock Control Committee, chaired by General Cecil Esekhaigbe (rtd), will focus on resolving herders...
Experts Urge Urgent Reforms to Nigeria’s Food Distribution System to Boost Security
Stakeholders in Nigeria’s agricultural sector are urging urgent reforms in the nation’s food distribution system to improve access, affordability, and reduce post-harvest losses. At the PricePally Impact Summit in Lagos, experts highlighted that distribution challenges, rather than food production, are...
You must be logged in to comment.
Log in to comment
No comments yet. Be the first!