The Federal Government has announced the settlement of ₦333 billion in legacy debts owed to electricity generation companies (GenCos) under the first phase of its Power Sector Multi-Instrument Issuance Programme, marking a major milestone in efforts to restore financial stability to Nigeria’s electricity sector. Speaking at the Nigerian Bulk Electricity Trading (NBET) Finance Company Plc…
The Federal Government has successfully raised N501.02 billion from the bond market to begin addressing outstanding debts owed to power generation companies (GenCos), part of efforts to tackle the over N6 trillion liabilities plaguing the electricity sector. The funds were mobilized through two bond tranches: a N300 billion seven-year Series 1 Tranche A bond and…
The Federal Government has finalized the implementation framework for the ₦4 trillion Presidential Power Sector Debt Reduction Plan, a landmark intervention aimed at restoring financial stability and investor confidence in Nigeria’s electricity industry. The plan, approved by President Bola Ahmed Tinubu and endorsed by the Federal Executive Council in August 2025, authorizes the issuance of…
States Slashing Electricity Tariffs Amid Fallout from Electricity Act In the wake of the Electricity Act, several Nigerian states are moving to cut electricity tariffs—including Enugu, which recently slashed its Band A tariff from ₦209/kWh to ₦160/kWh, effective August 1, 2025. This decision, taken by the Enugu Electricity Regulatory Commission (EERC), has been met with strong criticism…
Presidency Begins Approval Process to Settle ₦2 Trillion Power Sector Debt The Nigerian Presidency has initiated internal approval procedures to resolve the ₦2 trillion legacy debt owed to electricity generation companies (GenCos), with plans to complete the process by the end of the upcoming quarter. This move forms part of broader efforts to stabilise Nigeria’s…
N4.7tn Debt: Power Firms Urge Urgent Meeting with President Tinubu Electricity generation companies (Gencos) are pressing for an expedited meeting with President Bola Tinubu to address the growing ₦4.7 trillion debt owed to them by the Federal Government. While no date has been confirmed, the Gencos are calling for the meeting to happen “as soon…
President Bola Tinubu plans to meet with the leadership of Nigeria’s power-generating companies. The meeting is part of an emergency effort to address the N4tn debt threatening to cripple the country’s electricity supply chain. This follows a high-level meeting on Tuesday between the Minister of Power, Adebayo Adelabu, and chairmen of Gencos in Abuja, amid…
