Nigeria: Electricity Producers Write Buhari Over Lack Of Payment Guarantee

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Nigeria: Electricity Producers Write Buhari Over Lack Of Payment Guarantee

Power generation companies have decried the lack of payment guarantee for the energy being generated, sold and fed into the national grid. The com

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Power generation companies have decried the lack of payment guarantee for the energy being generated, sold and fed into the national grid.

The companies have therefore appealed to President Muhammadu Buhari to intervene in a bid to address this and other challenges facing their business.

The Federal Government launched the Power Sector Recovery Programme in March 2017, with the major highlight being a Central Bank of Nigeria-funded 701billion naira payment assurance guarantee for two years. The fund, which was expected to cover the shortfalls of the Nigeria Bulk Electricity Trading Plc, was targeted at Gencos and gas suppliers for power generated and future power generation.

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