By Obas Esiedesa
The Federal Government on Tuesday disclosed that it has paid about N333 billion to eight electricity generation companies (GenCos) under its power sector debt settlement programme, and launched a second N729 billion bond issuance aimed at clearing more legacy debts and restoring liquidity in the Nigerian Electricity Supply Industry (NESI).
Speaking at an investors’ forum organised by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja, government officials said the new bond would complete the first phase of the Presidential Power Sector Debt Reduction Programme, which seeks to resolve verified legacy liabilities and attract fresh investment into the electricity sector.
Special Adviser to the President on Oil and Gas, Mrs Olu Verheijen, said the first series of the programme had demonstrated the Federal Government’s commitment to honouring its obligations, helping to restore confidence among investors and market participants.
She disclosed that in February 2026, the government deployed about N501 billion under the first series of the programme, comprising N300 billion in cash and N201 billion in non-cash bond instruments, to settle part of the verified debts owed to GenCos.
