FG and GenCos Seal Deal to Clear N4 Trillion Power Sector Debts

The Nigerian government, in collaboration with power generation companies (GenCos), has sealed a deal to implement a N4 trillion government-backed bond program to clear verified debts owed by power generation companies and suppliers. The agreement was reached during a high-level meeting in Abuja attended by key officials from the Ministries of Finance, Economy, and Power, as well as senior executives from GenCos.

The initiative aims to address legacy arrears, attract investment, strengthen the electricity market, and ensure stable power supply. This move signifies a significant step towards restoring financial stability and investor confidence in the Nigerian electricity sector.