Representatives of the Electricity Generation Companies of Nigeria have come out to plead with the National Assembly to ensure that their N213b debt is paid by the Federal Government through its various agencies and parastatals.
This was through Mohammed Daudu on a courtesy visit to Bukola Saraki. He stated that the Electric companies are owed N213b comprising the unpaid bills between November 1, 2013, to January 31, 2015.
He said the second segment of the debt was the shortfall during the Transition Electricity Market between February 1, 2015, to date, which had yet to be disclosed by the National Bulk Electricity Trader.
Daudu said the federal government had initiated a settlement of the first segment through the CBN/Nigeria Electricity Stabilization Fund but lamented that, less than 40 percent of the money was released to the Electricity companies.
Therefore, he implored Saraki to intervene on their behalf with the Central Bank to make sure their fees were paid.
Daudu complained of scarcity of foreign exchange and told the senate president that the spare parts and other equipment used for the operation of the Electricity companies are largely imported.
He specifically lamented that there was the scarcity of foreign exchange for the transaction and this impacted negatively on operations.
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