BREAKING: NDPHC Seeks NASS Support To Settle ₦4trn Liquidity Debt
The Managing Director/Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC) Ltd, Engr. Jennifer Adighije has appealed to the National Assembly for assistance in settling a liquidity debt of over ₦4 trillion owed to Generation Companies (GenCos).
Adighije, who made the appeal on Thursday during the inspection of the Egbema National Integrated Power Project (NIPP), said that cash crunch threatens the country’s power sector.
A statement issued in Abuja on Friday by the NDPHC’s General Manager, Communications and Public Relations, Olufunke Nwankwo, stated that Adighije led the House of Representatives Committee on Power, chaired by Hon. Victor Nwokolo, to assess the ongoing work at the Egbema NIPP Power Plant.
The plant, according to her, is a critical project in Nigeria’s power infrastructure, which is expected to deliver 375MW upon completion.
Awarded to CMEC China Machinery Engineering Company in 2023, the project is slated for completion by the end of the year, with the current work progress standing at 60 per cent.
Adighije, while stressing the importance of completing the Power Plant, said the enormous liquidity crisis has left many GenCos underfunded.
She called for a presidential intervention to secure additional funding for ongoing projects and settle outstanding payments to stabilize the power sector and enhance electricity access across the country.
Also speaking, Nwokolo, while commending the NDPHC for its efforts in accelerating the Egbema project despite earlier delays caused by litigation, acknowledged the financial struggles plaguing the sector.
He expressed optimism that with proper funding, the Egbema plant would be completed on schedule.
He also commended President Bola Tinubu for his efforts in signing the Electricity Act, which, according to him, has improved the financial viability of the power sector.
He reassured NDPHC of his committee’s continued legislative support to ensure adequate funding for the completion of the project.
Nwokolo also acknowledged the significant strides made by the Tinubu administration through its Renewed Hope Agenda, emphasizing the administration’s commitment to power sector reforms.
He also lauded the leadership of the Minister of Power in advancing critical power projects, ensuring that Nigeria’s power sector remains on track for sustained growth.
The Chairman conveyed the National Assembly’s commitment to maintaining budget allocations for the power sector without distortion, reflecting the strong collaboration between NDPHC and the legislative committees.
He reiterated that the House of Representatives, under Speaker Tajudeen Abbas, remains committed to supporting power sector development through legislative actions and effective oversight.
