Nigerian Government Pays Off $120 Million of Its $1.3 Billion Gas debt

The Nigerian government claims to have paid off N120 million of the $1.3 billion gas debt that has prevented the country from solving its ongoing electricity supply crisis. At the ongoing 7th Nigeria International Energy Summit in Abuja on Thursday, Ed Ubong, the director of the Decade of Gas Secretariat, revealed this.

Gas debts were estimated to be worth $1.3 billion as of last year, depending on how the figures are added up. However, I am happy that the government has made payments totaling more than $120 million between October and the end of January to partially offset that amount, according to Ubong.

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Recall that since January of this year, Nigerian electricity users have been experiencing frequent blackouts. Gas shortages were the reason given by Nigeria’s Minister of Power, Adebayo Adelabu, for the decline in power supply. Even after a committee was established to address the issue, the nation’s power supply shortage continued.

The recent vandalism of Tower 70 of the Transmission Company of Nigeria, located along the 33kV Gwagwalada-Katampe line, has exacerbated the nation’s electricity crisis.