As the power situation in the country continues to raise concerns, the Minister of Power, Bayo Adelabu, held a meeting with electricity generation and distribution companies.
Nigerians have been experiencing a low power supply since December 2023.
The Transmission Company of Nigeria as well as electricity distribution companies have all blamed the situation on gas shortages leading to low allocation from the national grid.
The Minister of Power, on Friday, said the meeting was to address the ongoing issues of blackouts in Nigeria.
In a post on his X handle on Friday, the Minister said, “Yesterday, I had crucial discussions with power Generating companies (GENCOs) and Distribution companies (DISCOs) to address the ongoing issue of blackouts in parts of our country”.
Adelabu stated that “Power supply during the yuletide improved, but unfortunately, we’ve experienced setbacks in the new year”.
According to him, investigations revealed that the main cause of the current power problem is the low supply of gas, promising to resolve the same.
“After investigations, it’s clear that the main cause of poor power supply is the low supply of gas to GENCOs. Visited facilities in Olorunshogo, Ogun State, and Omotosho, Ondo State to understand the challenges firsthand. Resolving the gas supply issue is our top priority,” he added.
Speaking about the meeting with power stakeholders, Adelabu explained “We also addressed the indebtedness to GENCOs by Nigeria Bulk Electricity Trading Company. While acknowledging the sector’s liquidity challenge, we are working on validating the debt and determining a fair resolution”.
He emphasised the importance of power-generating companies establishing contractual arrangements with gas suppliers to ensure a steady gas supply.
”Recognizing concessions may be needed, I assure you that we are committed to working on this to stabilize the power sector,” he stated.
Adelabu added, “To tackle the gas supply and liquidity challenges, I’ve decided to form a committee involving all stakeholders. Together, we will work on recommendations to resolve these issues and ensure a more reliable and consistent power supply for our citizens.
“A plan has also been established to initiate discussions with the Minister of State for Petroleum Resources regarding collaboration and to emphasise to the ministry the importance of prioritising gas to power.
“Our commitment is unwavering in addressing the challenges affecting power supply. We understand the impact on citizens, and our goal is to swiftly resolve the issues of gas supply, indebtedness, and overall sector stability.
“Your patience is appreciated as we work collaboratively towards a brighter, more reliable energy future for Nigeria.”
