FG addressing illiquidity in NESI __Olu Verheije

Sopuruchi Onwuka

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Senior Special Assistant to the President on Energy, Mrs Olu Verheijen, has declared that the ongoing interventions in the power sector is to address the debt crisis that stalled movements in the domestic electricity market.

Mrs Verheijen who delivered two keynote speeches yesterday at the ongoing Nigerian International Energy Summit (NIES) stated that interventions are underway to clear all legacy debts piling up in the gas-to-power program and also sanitize commercial operations in the Nigerian electricity supply industry.

Mrs Verheijen who is a member of the Women in Energy Network (WIEN) had also delivered a compelling keynote address during a preceding session on diversity and inclusion at the conference.

The intentions of the intervention program in the power sector, she explained, is to reset the commercial transaction model governing production and supply of electricity to the domestic economy.

With the Presidential Metering Initiative, Mrs Verheijen stated, over 70 million meters would be injected into the market to resolve revenue collection losses related to billing disputes between distribution companies and aggrieved customers.

The initiative, she said, would enhance liquidity in the system, restore the confidence of gas suppliers in the market and guarantee market returns for all players in the industry.

She said the interventions would also safeguard the vulnerable segments of the society through targeted subsidies.

The overall objective, she pointed out, is to instill operations efficiency in the system and deliver more electricity to the people.

Mrs Verheijen also pointed at the goal of securing investments, building capacity and producing more electricity to plug supply deficits.

She made it clear that energy security could transform Africa into a resilient ecosystem that empowers businesses to create robust employment opportunities.