N729bn bond clears first slice of N4trn owed to generating companies

The Federal Government has raised N728.9 cardinal done a enslaved to settee debts owed to energy Generation Companies, GenCos, arsenic portion of the N4 trillion indebtedness burden.

The enslaved is successful summation to the N501 cardinal raised successful the enslaved marketplace successful January 2026, bringing the full funds raised to N1.23 trillion.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Chief Executive Officer of the Nigerian Bulk Electricity Trading Plc (NBET), Akinola Odeyemi, confirmed the improvement successful abstracted statements connected Friday.

According to Oyedele, the Series 2 enslaved comprises N402 cardinal successful currency bonds raised from the superior markets and N326.9 cardinal successful non-cash bonds allotted to participating procreation companies nether the Presidential Power Sector Debt Reduction Programme.

“This means the enslaved programme cannot basal alone. It indispensable beryllium accompanied by stronger marketplace discipline, improved gross assurance, simplification successful method and commercialized losses, greater ratio and accountability crossed the energy ecosystem. It is besides important that we are leveraging Nigeria’s ...