News

June 11, 2024

Edun seeks liquidity into power sector, NDPHC declares Calabar as best plant

Edun seeks liquidity into power sector, NDPHC declares Calabar as best plant

By Henry Umoru

THE Federal Government is seeking liquidity into the power sector, saying that it forms the major solution required to address the troubled sector.

Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, made the disclosure, yesterday, in his submission to the Senator Enyinnaya Abaribe (APGA, Abia South) led Senate Committee on Power that is investigating the controversial Make up Gas (MUG) Reprocessing Deal involving the Ministry of Finance, Niger Delta Power Holding Company, NDPHC,  Calabar Generation Company Limited and ACUGAS Limited.

Meanwhile, Managing Director of NDPHC, Chiedu Ugbo had informed the Senate Committee that the Calabar Power Generation Company under its ownership formed the best performing power plant in the country.

Edun, who was represented by his Special Assistant, Mallam Dahiru Moyi,  said that the agreements on gas supply between NPDHC and ACUGAS Limited was inherited by former President Muhammadu Buhari in 2015, since it was signed in 2011, during President Goodluck Jonathan ‘s administration.

The Finance Minister said:  “Just as the Ministry of Justice was not aware of the contract agreement, the Ministry of Finance was also not part of it from the beginning but since government is a continuum, Ministry of Finance later came into it for the purpose of facilitating the required liquidity.