During the 7th Nigeria International Energy Summit (NIES 2024) held in Abuja, the Director of the Decade of Gas Secretariat, Ed Ubong, announced that the Federal Government has initiated the repayment process for the $1.3 billion owed to gas firms for the supply of gas to power plants across Nigeria.
Ubong revealed that a payment of $120 million has already been made to reduce the outstanding debt burden, marking a significant step towards resolving the financial obligations to gas suppliers.
Speaking at a session themed ‘From Blueprint to Reality: Navigating Nigeria’s Gas Decade and Balanced Narrative on Energy Transition,’ Ubong emphasized the importance of implementing policies and regulations to ensure sustainable solutions in various sectors such as Liquefied Natural Gas (LNG), Autogas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), and Gas-to-Power.
Highlighting ongoing efforts, Ubong stated, “The government is actively working on a framework to address these outstanding debts comprehensively, aiming to resolve the legacy issues within the industry.”
Furthermore, Ubong stressed the necessity of building capacity within the sector, particularly for engineers and technicians, to support the transition to a more robust gas sector over the coming months.
