The Federal Government says it has paid ₦333 billion to eight electricity generation companies covering 17 power plants, under the first phase of its power sector debt settlement programme.
Presidential energy adviser Olu Verheijen disclosed this at an investors’ forum in Abuja for a new ₦729 billion Series II bond issuance, which follows a ₦501 billion Series I bond floated in January. Together, the two bonds form a ₦1.23 trillion first phase addressing verified legacy debts owed to GenCos.
Verheijen said the government paid its first bond coupon, about ₦63.5 billion, in full on July 14. Finance Minister Taiwo Oyedele said debt verification had reduced total claims from over ₦4 trillion to about ₦3.3 trillion, calling the programme central to restoring investor confidence in Nigeria’s electricity sector.
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