Darkness Looms as N710bn Power Supply Fund Draws Down { This problem is beyond one administration,Insincerity is not helping}/BA

Gencos has warned that the prevailing nationwide power supply situation may decline significantly from December as the N701.9 billion payment assurance scheme initiated by the FG through the CBN and NBET, is drawn down.

The fund will be drawn down before 2019 that it is originally designed to last. The fund was put in place to guarantee prompt payments for power supplied to the grid. Already, the Gencos stated that gas suppliers had begun to issue the notice of disconnection, adding that the Alaoji Independent Power Plant owned by the Niger Delta Power Holding Company (NDPHC) has been disconnected from gas supply by Total while First Independent Power Limited in Rivers State has equally been issued a notice of disconnection.

But their claims, which were made at the 2018 edition of the Power Safety Summit (PSS) in Abuja, have been debunked by the NBET, which said there was no cause for alarm, and that it was working hard to ensure payments to Gencos for power supplied to the national grid were made promptly./Thisday


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