Corporations producing gasoline and promoting to electrical energy technology corporations have known as on the Federal Authorities to deal with the legacy debt owed to them.
The businesses underneath the aegis of the Unbiased Petroleum Producers Group made the plea throughout a gathering with the Minister of State for Petroleum Assets (Fuel), Ekperikpe Ekpo, on Tuesday.
The delegation led by its chairman, Abdulrazaq Isa, urged the minister to deal with the challenges going through gasoline producers in Nigeria.
As of December 2024, it was reported that the Federal Authorities and a few energy technology corporations owed over N2.7 tn in legacy money owed to gasoline producers in Nigeria.
Earlier in 2024, the gasoline corporations stopped supplying the GenCos on account of mounting debt, plunging the nation into weeks of darkness.
The Federal Authorities promised to offset the debt progressively, however the producers are nonetheless begging for consideration.
The IPPG Chairman, Isa, “solicited the intervention of the Federal Authorities to resolve points round key areas like gasoline pricing, gasoline flare penalty, legacy debt, gasoline infrastructure, gasoline provide receivables, and LPG availability to encourage upstream funding and transfer the sector ahead,” an announcement by the minister’s media aide, Louis Ibah, mentioned on Wednesday.
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Nonetheless, Isa thanked President Bola Tinubu for appointing members of the group into key positions within the Nigerian Nationwide Petroleum Firm Restricted and the Organisation of the Petroleum Exporting International locations.
He additionally counseled Ekpo for the strides achieved to date within the gasoline sector.
Talking, Ekpo lauded IPPG for the position they play within the gasoline worth chain, noting that as indigenous traders, they not solely create jobs within the nation but in addition plough their earnings again into the financial system to assist the nation and Tinubu’s Renewed Hope agenda in repositioning the power sector for sustainable growth.
The Minister pledged the Federal Authorities’s assist in resolving the challenges affecting the group’s operations and known as for enhanced collaboration between the group, the federal government, and regulatory businesses to foster progress and growth.
Ibah mentioned the chairman was accompanied by different IPPG members, together with Chief Government Officers of oil and gasoline corporations equivalent to Dada Thomas of Frontier, Gbite Falade of Aradel, Lanre Kalejaiye of ND Western, and Dapo Filani of Waltersmith Petroman.
Others are officers of corporations like Trost Amos of Renaissance Africa, Chikaodili Okoye and James Makinde of Seplat Power, Sunday Okunbor of ND Western, Nkiruka Ajah of Waltersmith, and Oyeleke Banmeke from the IPPG Secretariat.
