Tinubu Govt To Revoke Meter Contract From Foreign Company

The Federal Government has hinted that it might revoke a meter contract awarded to a foreign company named Zigglass Limited.

The Minister of Power, Adebayo Adelabu, made this known on Monday in Abuja when the members of the Senate Committee on Power visited the Ministry.

Adelabu said the federal government had mobilised the company with $200 million (N32 billion) to supply three million meters that were yet to be supplied to date.

According to Adelabu, President Bola Tinubu directed that the contract be revoked and should be awarded to a competent company.

If you held N32 billion for these years, where is the interest?” he asked.

The minister said the government will bridge the current eight million metering gap in the next four to five years.

Adelabu noted that the metre funding comes from a seed capital of N100 billion and N75 billion.

He added that the Nigerian Sovereign Investment Authority (NISA) is providing the ministry with the fund.

Speaking further, Adelabu said gas suppliers have refused to supply more gas because of the debt the federal government owes.

He told the committee that the federal government owes generation companies over N1.3 trillion and gas suppliers $1.3 billion, and urged lawmakers to address the debt matter.

In her presentation, Executive Director of Independent System Operator (ISO), Nafisat Ali, said gas has become a major constraint in the industry, adding that DisCos were still rejecting load despite the power shortage in the country.

He said: “Today there is no gas. We need gas.

“The DisCos don’t abide by allocation. That is the challenge.”

The post Tinubu Govt To Revoke Meter Contract From Foreign Company appeared first on Naija News.