Nigeria's electricity prices may increase as govt says subsidy no longer sustainable
Nigeria, Feb. 15 -- The Nigerian government on Wednesday said it has become very difficult to sustain subsidies on electricity in the country.
Nigeria's Minister of Power, Adebayo Adelabu, disclosed this at a press conference in Abuja.
Mr Adelabu explained that the indebtedness of the country's power sector to electricity-generating companies (GenCos) and the gas companies (GasCos) has risen to over N3 trillion.
"Today, we are owing a total of N1.3 trillion to the power generating companies, out of which 60 per cent is owed to gas suppliers. Today we have a legacy debt, prior to 2014, to the gas companies of $1.3 billion; at today's rate, that is close to N2 trillion.
"Now, if you add N2 trillion legacy debt owed to gas companies and ...
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