Nigeria, March 1 -- The Nigerian government has paid over $120 million to offset some of the debts owed to the gas companies (GasCos), an official has said.

The Director, Decade of Gas Secretariat, Ed Ubong, disclosed this at the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) in Abuja on Thursday.

"The arrears gas producers are owed as of last year was about $ 1.3 billion. But I am pleased that between October 2023 and the end of January, the government has paid over $120 million to offset some of that money," Mr Ubong said.

Nigeria's Minister of Power, Adebayo Adelabu, had earlier in the month said that the indebtedness of the country's power sector to electricity generating companies (GenCos) and gas compa...