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Nigerian power sector on the brink as Elumelu demands payment of N250 bln  owes Transcorp Power

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By Oludare Mayowa

Chairman of Transnational Corporation (Transcorp), Tony Elumelu sounds the alarm on Nigeria’s power crisis, urging the government to settle outstanding debts crippling the sector.

Elumelu, a prominent Nigerian businessman, took to social media platform X on Monday to highlight the critical situation.

He claims the government owes the power sector a staggering N2 trillion, with Transcorp Power, a subsidiary of his conglomerate, is owed over N250 billion alone as of March 2024.

Elumelu’s stark message emphasizes the existential threat posed by this unpaid debt. “We need this debt settled so the power sector in Nigeria does not collapse,” he wrote.

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Elumelu underscores the fundamental role of electricity in national development. “Power is the engine behind every industrialized and developed nation,” he asserts.

Reliable and accessible electricity is critical for lighting homes, powering businesses, and driving industrial output.

Elumelu laments the debilitating impact of the power crisis. “Where power, the basic requirement of every thriving nation, remains unreliable, our nation cannot move forward,” he declares.

Elumelu’s public plea serves as a powerful call to action for the Nigerian government. Resolving the crippling debt burden is essential to prevent the power sector from collapsing and unlock the nation’s full potential for growth and development.

All eyes are now on the Nigerian government’s response to Elumelu’s urgent message. The future of the nation’s power sector, and its critical role in economic advancement, hinges on a swift and decisive resolution to this mounting debt crisis.

(Contact; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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