FG Maps Out Plans to Motivate Development of Power Generation in Nigeria

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The administration of President Bola Tinubu has said that it was prepared to take steps aimed at resolving the logjam in the provision of power, which has been a recurrent stigma for the country. This was disclosed by Adebayo Adelabu, minister of power. He said the federal government is planning to give electricity Generation Companies (GenCos) access to foreign exchange for maintenance and operations.

Adelabu who made the disclosure on his X handle on Wednesday, May 29, while giving an account of his visit to Egbin Power Plant in Ikorodu, Lagos state, described GenCos access to forex as being critical to sustaining and improving energy supply nationally.

He said, “We acknowledge the importance of ensuring that power generation companies have access to essential foreign exchange for their maintenance and operations. This access is crucial for sustaining and improving power output on a national scale. We are taking decisive steps to facilitate this access, recognising its critical role in the broader context of our energy infrastructure.”

Adelabu said the ministry’s ongoing discussions with the Ministry of Petroleum Resources and gas suppliers are centred on addressing gas supply constraints and facilitating debt repayment. He added that through collaborative efforts with all stakeholders, the government is dedicated to finding solutions that will benefit the entire sector and contribute to its long-term sustainability.

According to the minister, through close collaboration with the Ministry of Petroleum Resources and gas suppliers, the government is working diligently to tackle this issue and ensure a reliable gas supply for power generation. And the Federal Government is fully committed to implementing proactive measures.

Adelabu, therefore, elaborated on the steps being taken by the go. He said, “We will prioritise the settlement of outstanding debts owed to power plants like Egbin Power.

“By doing so, our goal is to provide incentives for the continuous operation of these crucial facilities and to enhance their overall efficiency.”

The minister commended the Board and Management team of Egbin Power for their unwavering commitment to improving and maintaining infrastructure despite facing numerous challenges.

He said their dedication plays a crucial role in strengthening the resilience of the power sector and ensuring its continued operation.