The Minister of Power, Works and Housing, Babatunde Fashola has disclosed the willingness of the Federal Government to pay debts owed power generation companies (GENCOS) if the debts are verifiable.
He said this while on an inspection tour of Egbin power plant in Lagos on Friday.
Standing at several billions of naira, the debts were reportedly incurred due to the inability of the government to offer financial cushion to the companies, contravening a Share Purchase Agreement signed with the companies during privatization, The Nation reported.
According to him, the additional 220 Megawatt of power from the plant ought to be distributed to consumers on a buyer-to-seller basis, but with preference given to high energy consumers such as industries