The Federal Government has approved the payment of assurance system of N701 billion to break the liquidity of the entire electricity value chain in the country, the Acting President, Prof. Yemi Osinbajo, has said.
Osinbajo made the fact known at a roundtable on Nigerian Renewable Energy in Abuja on Tuesday, adding that part of the amount which was approved by the Federal Executive Council had been released.
He said the second payment of the assurance system would soon be made to further boost electricity supply.
Osinbajo noted that, as a multi-stakeholder platform, the Nigerian Renewable Energy Roundtable should champion the new vision for renewable energy and ensure that they could translate theory to practice for the greater good of the people.
However, the Minister of Science and Technology, Ogbonnaya Onu, said the ministry had been resolute in pursuing alternative energy sources.