Tag: NBET

Probe Begins On NBET’S $33m Monthly Power Generation Deal With Azura

Abibat Babalola

The House of Representatives Committee on Finance on Friday expressed outrage over the decision of the Nigeria Bulk Electricity Trading Company, (NBET) to drag the country into Power Purchase Agreements that were detrimental to the interest of the country. The committee also ordered management of the Niger Delta Power Holding Company (NDPHC), to immediately commence a review of the Gas Purchase Agreement (GSA) between the Nigerian government and a certain company, for the supply of gas to its Calabar power plant, as it has been discovered that the said company…

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Nigeria Spends N1.3trn To Help GenCos, DisCos In 14 Yrs – Minister

ADEOLA YUSUF

How Nigeria paid $137 million in two years for gas and electricity that were never used in the “take or pay deal”   The Nigerian minister of finance, budget and planning, Zainab Ahmed, has said that the country has spent N1.3 trillion as intervention fund in the power sector between 2007 and 2021 without significant result. The money was approved in 2017 to tackle the monthly liquidity challenges faced by GenCos, as the distribution companies (DisCos) keep defaulting in paying for the monthly invoice of electricity received. READ ALSO: I…

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