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Ghana ‘owes Nigeria Gas $120m’

  • SOURCE: | Editor
  • money

    The Volta River Authority (VRA) owes Nigeria Gas approximately $120 million, TV3 can confirm.

    High-placed sources say the debt is as a result of the power-producing company’s inability to pay off six months of gas supplied.

    But it is not the reason for the erratic supply of gas from Nigeria, our sources assert.

    This comes a day after Former Deputy Governor of the Central Bank and Economist Dr Mahamudu Bawumia stated that VRA owes Nigeria Gas $100 million, a reason for “the untold story” of the erratic supply of gas.

    “Nigeria Gas is, therefore, dragging its feet with regards to the supply of gas while this amount is unpaid,” Dr Bawumia stated during his lecture as Visiting Professor of Economic Governance at the Central University College on Tuesday, March 24.

    “Ultimately, the dumsor problem is more of a financial problem than a technical one,” he suggested.

    TV3 has gathered that Nigeria is considering cutting supply of gas to VRA after honouring a breach-of-agreement compensation by paying $10 million to Ghana for erratic supply.

    According to VRA, the Electricity Company of Ghana (ECG) owes it GH¢1.2 billion, without which it cannot settle the debt to Nigeria Gas.

    Source: http://tv3network.com/all-news/markets/business/ghana-owes-nigeria-gas-120m.html

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