Minister of Power, Adebayo Adelabu, has said the Federal Government is planning to give electricity generation companies (GenCos) access to foreign exchange (forex) for their maintenance and operations.
Adelabu made this known on his X handle yesterday while giving account of his visit to Egbin Power Plant in Ikorodu, Lagos State.
He said GenCos having access to forex is critical to sustaining and improving energy supply nationally.
“Moreover, we acknowledge the importance of ensuring that power generation companies have access to essential foreign exchange (forex) for their maintenance and operations. This access is crucial for sustaining and improving power output on a national scale,” Adelabu said.
He added that the government is accelerating efforts to ensure Gencos have access to forex due to the critical role they play in the country’s energy infrastructure. He said the ministry’s ongoing discussions with the Ministry of Petroleum Resources and gas suppliers are centered on addressing gas supply constraints and facilitating debt repayment.
