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Fashola attributes power drop to shortage in funds by GENCOs
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Fashola attributes power drop to shortage in funds by GENCOs

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Image result for Fashola attributes power drop to shortage in funds by GENCOsThe drastic drop in power supply currently being experienced across the country, has been attributed to a shortage in funds by Generation companies to pay for the supply of gas.

This was disclosed by the Power Works and Housing Minister, Babatunde Fashola after this week’s Federal Executive Council meeting in Abuja

The sum of N274.3million was approved for the completion of the Odongunyan transmission substation in Ikorodu, Lagos.

State House Correspondent Mariah Olasehinde reports that Vice President Yemi Osinbajo presided over the Federal Executive Council (FEC) meeting this week in his capacity as Acting President of the Federal Republic of Nigeria.

The recent drastic drop in power supply formed the focus of this week’s briefing and the Power Works and Housing Minister, Babatunde Fashola acknowledged that liquidity problems and vandalism were among factors responsible for this

Fashola added that Gas suppliers have not fully paid and this was causing friction between distribution companies and generating companies.

The Minister assured that he was in talks with gas suppliers to find a way out of the face off and that repairs were ongoing at some power stations, which would lead to some improvement in power supply very soon.

He also disclosed that Council had approved the sum of N274.3m for the completion of Odogunyan transmission substation in Ikorodu, Lagos with the initial cost now revised to reflect current economic realities.

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