PHCN burdened by N88b debt, says minister


Professor Barth Nnaji, the Minister of Power, has disclosed that that the Power Holding Company of Nigeria, the monopolist power supplier in the country, was owing over N88.44 billion on gas supplies. Nnaji made the disclosure at a public lecture in Abuja, said a statement by the minister’s special adviser, Cdon Adinuba.

The lecture was organised by the Nigerian Academy of Science in Abuja.

According to the minister, the PHCN owes Agip N60 billion, Shell N12.14 billion, Nigerian Gas Company (NGC) N10 billion, NIPP N6 billion and Ibom Power N300 million.

The minister said that with a new tariff coming into force on June 1, the PHCN should be able to pay for gas and power supplies promptly.

Related News

He said that NNPC was owed N110 billion by various customers, including governments and their agencies, which accounted for 20 per cent of the debts.

He attributed the cause of the ongoing power crisis to non-availability of gas.

The minister said that the gas issues arose principally from poor coordination among the ministry of power, the ministry of petroleum resources and the agencies under them.

Load more