The Niger Delta power holding company has said that CBN,the Niger Bulk Electricity trading PLC and the Nigerian Electricity Liability management company owe the sum of 190 billion for electricity supply.
The Managing Director and Chief Executive Officer of NDPHC , Mr.Chinedu Ugbo revealed this to Punch news on side line of media briefing on Monday the 13th of November 2023 in Lagos.
According to him, the estimate was arrived at as a result of debt owed for electricity supply to the tune of #190 billion naira .
He stated that this is owed by government Agencies from 2015 to may ,2023 .adding that NBET owed the bulk of the debt not stating the exact amount.
“Huge indebtedness by the market to NDPHC runs into hundreds of billions
Specifically #190 billion as of may unpaid invoices.
NDPHC is also not paid for availability but only as dispatched thereby depriving it of hundreds of billions since 2015 when the transitional electricity market was declared.
Ugbo stated that since 2015 ,the government has so far derived as high as 3 trillion Naira.
He explained that the debt has made it difficult for them to meet some of their obligation such as operational expenditures including stocks of spares , payment for gas supplies and others .
“Since we are being owed ,we can’t also pay for gas supply and suppliers also won’t supply us gas. Gas is what we use in generating power and if we can’t generate,we can’t sell.”
“The nameplate capacity of over ten plants is 4000Mw -we have the capacity to generate as much as 2000MW but we currently generate 975MW” .
