The Power Holding Company of Nigeria is owing a mind-boggling debt of about N400 billion and the winding-up process should be hastened so that had incurred debts worth about N400bn and should be wound down so that it would not continue to incur more.
>This revelation was made in Abuja on Tuesday, by Prof Barth Nnaji, Minster of Power at the ministerial briefing anchored by the Minister of Information, Mr. Labaran Maku.
He also disclosed that the Federal Government planned to generate 40,000 megawatts of electricity by 2020 in order to actualize the country’s vision of ranking among the 20 largest economies in the world by that date.
Giving a breakdown of the 40,000MW, the minister said between 25,000MW and 30,000MW were expected from gas fired plants, while hydro powered plants would account for 6,000MW.
Coal-fired plants to be located in Enugu, Kogi, Benue and Gombe states will account for 5,000MW; renewable sources (solar, wind and biomas), 1,000MW; nuclear plant, 1,000MW; and the two emergency power plants planned for Egbin and Ijora, Lagos, will account for 800MW, he analysed.
Nnaji said the Federal Government had also signed Memoranda of Understanding with Siemens and General Electric for an addition of 20,000MW of electricity to the national grid, adding that the agreements implied confidence in the Federal Government’s power sector reform agenda.
The minister also disclosed that millions of energy-efficient Light-Emitting Diode bulbs would be distributed free to Nigerians all over the country as part of mechanisms to conserve energy.
“The aim is to reduce the consumption of power through reduced use of conventional bulbs. A 15-watts LED bulb is equivalent to a 60-watts regular bulb, while an 18-watts LED bulb is equivalent to regular 100-watts bulb,” he said.