FG owing A/Ibom over N40bn power debt – Eno

The Akwa Ibom State Governor, Pastor Umo Eno has said the Federal Government was owing the state over N40 billion debt for supplying power to the national grid. Governor Eno said this explains why Ibom Power Company is owing Savannah Energy N25 billion for its gas supply. Explaining that the state government has been able […]

The Akwa Ibom State Governor, Pastor Umo Eno has said the Federal Government was owing the state over N40 billion debt for supplying power to the national grid.

Governor Eno said this explains why Ibom Power Company is owing Savannah Energy N25 billion for its gas supply.

Explaining that the state government has been able to pay off its N25 billion debt to Savannah Energy to continue in business, Eno however said the Federal Government’s indebtedness to Ibom Power has impacted the company negatively.

Speaking on efforts of the state government to provide regular power supply to citizens of Akwa Ibom state during a media briefing in Uyo at the weekend to celebrate his third anniversary in office, Eno stated that plans are already in motion to set up a State Regulatory Commission that would handle the generation and transmission of power by the state.

He however stated that the process was a long one that cannot be rushed, adding that once every necessary procedure, payment of debt and reclaiming of the State’s asset and investment in Port Harcourt Electricity Development Company (PHED), is completed, the state would commence distribution of power to citizens.

“Ibom Power Company has been run down completely. As of today, on that IPC, every quarter we pay Afreximbank $540,000. I met a debt of $9.7 million that they have gone to a court in the UK, collected a judgment against us.

“They were about to take over that IPC. We ran to Barr. Paul Usoro (SAN), who helped us secure a negotiation. They collected the judgement and were already filing the judgement.

“We’re owing Savannah Energy, who was giving us gas, over N25 billion because the federal government was owing us well over that, about N40 billion which we have supplied to the national grid, which they were not paying.

“So, IPC couldn’t pay Savannah. Savannah didn’t even have money to drill gas again because we are the biggest client they have. As a result of that negotiation, we got N25 billion which we remitted straight to Savannah, so that Savannah can be in business and give us gas,” he stated.