The Federal Government is rolling out a ₦4 trillion bond to settle verified arrears owed to power Generation Companies (GenCos) and gas suppliers, a move aimed at boosting Nigeria’s power sector.
Mrs. Olu Verheijen, Special Adviser to the President on Energy, revealed this after a key meeting involving the Ministers of Finance and Power, and top GenCo leaders. They agreed to finalise settlement deals balancing government finances and GenCos’ constraints.
“This is the largest intervention in over a decade,” said Senan Murray, highlighting how it will restore investor confidence and shake off long-standing debt that has hampered power supply and investment.
The plan supports President Bola Tinubu’s vision for economic growth via a modernised grid, improved distribution, and private sector-led investment. Finance Minister Wale Edun stressed the reforms go beyond liquidity, they aim to rebuild fundamentals for lasting change.
Industry leaders like Tony Elumelu and Kola Adesina praised the government’s bold step, seeing it as a clear signal to strengthen Nigeria’s electricity market.
The initiative is led by the Federal Ministries of Finance and Power, the Presidential Special Adviser on Energy, with partners like Nigerian Bulk Electricity Trading (NBET).
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