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FG to grant Gencos access to forex

by Business News Report

The federal government is planning to give electricity Generation Companies (GenCos) access to foreign exchange for their maintenance and operational needs. Adebayo Adelabu, the Minister of Power, disclosed this via his X handle on Wednesday. He said GenCos’ access foreign exchange was critical to sustaining and improving energy supply across the country. “We acknowledge the importance of ensuring that power generation companies have access to essential foreign exchange for their maintenance and operations. This access is crucial for sustaining and improving power output on a national scale,” he said.

Adelabu said government was accelerating their access to foreign exchange owing to their critical role in the country’s energy infrastructure. “We are taking decisive steps to facilitate this access, recognising its critical role in the broader context of our energy infrastructure.” Adelabu said ongoing discussions with the Ministry of Petroleum Resources and gas suppliers were centred on addressing gas supply constraints and facilitating debt repayment. He said through collaboration of all stakeholders, the government would find solutions that would benefit the entire sector and contribute to its long-term sustainability. The minister said shortage of gas had posed a significant obstacle to the operation of gas power plants.

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