NBET Initiates ₦729bn Debt Payments to Boost Power Supply
The Nigerian Bulk Electricity Trading Plc (NBET) has commenced the payment of ₦728.979 billion owed to power generation companies (GenCos) and gas suppliers, following the issuance of its Series 2 bonds. This payment addresses electricity and gas supplied in previous years, which has adversely affected the financial stability of generators, constrained maintenance, and pressured gas supplies.
The settlement includes ₦402 billion in cash bonds and ₦326.979 billion in non-cash bonds, structured under an approved framework. This initiative is part of the ₦4 trillion Power Sector Multi-Instrument Issuance Programme, aimed at reducing verified legacy debts under the Presidential Power Sector Debt Reduction Programme approved in 2025.
Akin Odeyemi, NBET’s Managing Director and CEO, stated that these payments would enhance liquidity in the electricity value chain, allowing generators to maintain and upgrade plants, thereby increasing electricity production. However, Dr Joy Ogaji, CEO of the Association of Power Generation Companies, warned that without addressing new debts, the sector may face ongoing challenges.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
Read full article
Continue on Legit.ng
Get the week in one email
Top stories, NPFL results, the naira, every Friday morning. Free, one email a week.
Related Stories
NBET Launches ₦729 Billion Debt Settlement for Power Sector
Nigeria Raises N729bn to Settle Power Sector Debts
Power Minister Tegbe Secures N1.23trn for Sector Debt Relief
FG Signs N728.9bn Power Bond to Address Electricity Debt
FG Raises N1.23tn to Clear GenCo Debts in New Initiative
AFC Advises on ₦728.9 Billion Bond for Nigeria's Power Sector
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
