Federal Government Settles N1.23 Trillion Power Debt
The Federal Government has made a payment of N1.23 trillion towards its legacy debts owed to power generation companies (Gencos) through bonds. Joseph Tegbe, the Minister of Power, announced this at the Harvard Business School Association of Nigeria (HBSAN) Energy Conference in Lagos.
He stated that the government aims to settle the remaining balance of these debts by next year. Tegbe highlighted the government's commitment to preventing the accumulation of new arrears in the power sector and emphasized that clearing these debts is crucial for attracting investment and enhancing electricity supply to homes and businesses across Nigeria.
He reaffirmed the Federal Government's dedication to providing reliable electricity while ensuring that vulnerable groups are protected. By fulfilling its obligations to Gencos and maximizing available generation capacity, the government aims to strengthen the power sector in alignment with the Renewed Hope Agenda, ensuring consistent power supply to support growth and prosperity.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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