Minister of Power, Adebayo Adelabu, has said the Federal Government is planning to give electricity Generation Companies (GenCos) access to foreign exchange to boost their maintenance and operations.
He made this known on his X handle, yesterday, May 29, while giving an account of his visit to Egbin Power Plant in Ikorodu, Lagos State.
The minister described GenCos’ access to forex as critical to sustaining and improving energy supply nationally.
He said: “Moreover, 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.”
Adelabu added that the government was accelerating access to forex, owing to the critical role it would play in the country’s energy infrastructure.
He said: “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 were centred on addressing gas supply constraints and facilitating debt repayment.
He said, through collaborative efforts with all stakeholders, the government was dedicated to finding solutions that would benefit the entire sector and contribute to its long-term sustainability.
He noted that the shortage of gas had posed a significant obstacle to the operation of gas power plants.
The minister said through close collaboration with the Ministry of Petroleum Resources and gas suppliers, the government was working diligently to tackle this issue and ensure a reliable gas supply for power generation.
Earlier, he said during his recent visit to the Egbin Power Plant, that the ministry had conducted a thorough diagnosis of the challenges currently facing its power sector in Nigeria.
He said the challenges range from infrastructure limitations to supply chain constraints.
Adelabu noted that the government was taking urgent action to address them and enhance power supply across the country.
