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Power purchase agreements not cancelled – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun has said the reported cancellation of the Power Purchase Agreements (PPAs) signed by the Federal Government with project…

The Minister of Finance, Mrs. Kemi Adeosun has said the reported cancellation of the Power Purchase Agreements (PPAs) signed by the Federal Government with project developers in the power sector is false.

The minister, in a statement yesterday, said the Federal Government has not cancelled the PPAs as wrongly reported by the media and that the role of negotiating with project Developers and signing PPAs is domiciled with the Nigerian Bulk Electricity Trading (NBET) Plc and not the Federal Ministry of Finance. 

“However, as the primary obligor of all forms of guarantees issued by all   governments of the federation and their agencies, the Federal Ministry of Finance through the Debt Management Office, must estimate the size of obligation that it is willing and able to accommodate in relation to the power sector.

Furthermore, the Ministry is required to evaluate the country’s repayment capacity for current and contingent debt obligations as part of its Debt Sustainability Analysis (DSA), which is a key requirement for sound Public Debt Management practice. These liabilities have wider implications for the country’s debt and overall fiscal position in the medium to long-term,” she stated.

 

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