The drastic drop in power supply currently being experienced across the country, has been attributed to a shortage in funds by Generation Companies to pay for the supply of gas.
This was disclosed by the Power Works and Housing Minister, Babatunde Fashola after this week’s Federal Executive Council meeting in Abuja
Vice President Yemi Osinbajo presided over the meeting in his capacity as Acting President of the Federal Republic of Nigeria.
Fashola also acknowledged that liquidity problems and vandalism were among factors responsible for the drop in power supply.
He added that Gas suppliers have not fully paid and this was causing friction between distribution companies and generating companies.
The Minister assured that he was in talks with gas suppliers to find a way out of the face off and that repairs were ongoing at some power stations, which would lead to some improvement in power supply very soon.
He also disclosed that Council had approved the sum of N274.3m for the completion of Odogunyan transmission substation in Ikorodu,Lagos with the initial cost now revised to reflect current economic realities.