Nigerian Government Pledges to Clear Gencos' Debts by 2027
The Federal Government has reaffirmed its commitment to clearing outstanding legacy debts owed to power generation companies (Gencos) by 2027. Minister of Power Joseph Tegbe announced this at the Harvard Business School Association of Nigeria Energy Conference in Lagos.
He stated that approximately ₦1.23 trillion of these debts had already been settled through bonds. The government aims to clear the remaining balance while implementing measures to prevent new arrears from accumulating in the power sector.
Tegbe emphasized that resolving these legacy debts is essential for restoring confidence among Gencos and creating a sustainable electricity market that can support households, businesses, and industries. He highlighted that the administration of President Bola Ahmed Tinubu is dedicated to delivering stable electricity supply for all Nigerians.
By fulfilling its obligations to Gencos and utilizing available generation capacity, the government seeks to build a stronger, investment-ready power sector aligned with the Renewed Hope Agenda.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
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