10th April, 2017, Osogbo – Nigeria’s Minister of Power, Works and Housing, Babatunde Fashola has officially announced that the Federal Government have taken action to approve a payment assurance plan to address the liquidity challenges in the Nigeria Power Sector. The announcement was made at the 14th Monthly Power Sector Operator’s Meeting hosted by Transmission Company of Nigeria which was presided by the Hon. Minister of Power, Works and Housing.
Speaking at the event, the Minister said, Government is very committed to tackle the enormous challenges in the sector. The Government is now stepping up brilliantly to its responsibility by confronting the challenges and in achieving this, it has reconstituted the regulatory commission to perform their duties to its maximum capabilities.
The Minister used the medium to clarify issues and complains from some DISCOs association saying that the N701 billion recently released is not enough for the industry.
“We didn’t sign contracts with an association but we signed a business contract with 11 DISCOs companies. The regulators knows what to do on these issue and will allow them to take their decisions. Those who do their work diligently, honestly and deliver accordingly will receive their entitlement and payment, the Minister said”
According to the Minister, there are proposition across the entire value chain of the Power Sector that will enable operators to perform their duties efficiently. As side from the verified DISCOs debts, government have been working smart in verifying other debts incurred but unfortunately some of the DISCOs hasn’t been able to provide the information that is needed and we will not pay debt that cannot be verified.