Nigeria has approved a phased refinancing of ₦4 trillion, equivalent to $2.61bn, in electricity sector debt, aiming to stabilise the struggling power industry and improve supply.
The debt, owed to 27 generation companies for invoices from 2015 to 2023, has deterred investment and deepened chronic outages. President Bola Tinubu approved the plan after a recent verification exercise.
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Finance Minister Olawale Edun said the process, to be overseen by the Debt Management Office, will be completed within four weeks and may involve bond issuances.
The move aligns with reforms including a 35% subsidy cut and tariff increases, expected to save ₦1.1 trillion annually.
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