Nigeria’s Power Sector Debt Resolved, Confidence Grows

President Bola Tinubu highlighted that resolving Nigeria's electricity sector debt has boosted confidence among stakeholders, according to a recent statement. The settlement of legacy financial obligations is seen as a key factor in stabilizing the power market.

The President commended Akin Odeyemi, the managing director of Nigeria Bulk Electricity Trading Plc (NBET), for his role in executing the Presidential Power Sector Debt Reduction Programme. This initiative was pivotal in addressing long-standing financial disputes within the sector.

The issuance of N728.979 billion Series 2 Bonds under the N4 trillion Power Sector Multi-Instrument Issuance Programme allowed NBET to settle Generation Companies (GenCos) and their associated gas companies.