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

TheNigeriangovernmentclaimstohavepaidoffN120millionofthe$1.3billiongasdebtthathaspreventedthecountryfromsolvingitsongoingelectricitysupplycrisis. Attheongoing7thNigeriaInternationalEnergySummitinAbujaonThursday,EdUbong,thedirectoroftheDecadeofGasSecretariat,revealedthis.

Gasdebtswereestimatedtobeworth$1.3billionasoflastyear,dependingonhowthefiguresareaddedup. However,Iamhappythatthegovernmenthasmadepaymentstotalingmorethan$120millionbetweenOctoberandtheendofJanuarytopartiallyoffsetthatamount,accordingtoUbong.

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RecallthatsinceJanuaryofthisyear,Nigerianelectricityusershavebeenexperiencingfrequentblackouts. GasshortageswerethereasongivenbyNigeria’sMinisterofPower,AdebayoAdelabu,forthedeclineinpowersupply. Evenafteracommitteewasestablishedtoaddresstheissue,thenation’spowersupplyshortagecontinued.

TherecentvandalismofTower70oftheTransmissionCompanyofNigeria,locatedalongthe33kVGwagwalada-Katampeline,hasexacerbatedthenation’selectricitycrisis.