GENCOS: Only verified debts will be paid – Fashola

The Federal Government, Friday insisted that only legally verifiable debts owed power generation companies, GENCOS, would be paid.

The debts, running into billions of naira, were reportedly incurred due to inability of the federal government to provide financial assistance to the firms, in line with the Share Purchase Agreement signed with the companies during privatization.

This was stated by the Minister of Power, Works and Housing, Babatunde Fashola, during a visit to Egbin Power Plant in Lagos.

According to the minister, the additional 220 Megawatt (MW) of electricity produced by the Egbin Power Plant, should be distributed to consumers, especially the high energy consumers like industries, on buyer- to- seller basis.

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