File photo: Finance Minister, Taiwo Oyedele
The Federal Government on Tuesday unveiled plans to raise about N729bn through the second tranche of its Power Sector Multi-Instrument Issuance Programme as it intensified efforts to clear legacy debts in Nigeria’s electricity industry.
According to the issuance timetable presented by CardinalStone Partners, the lead issuing house and financial adviser to the transaction, the bond offer will open on August 3, close on August 14 after 10 working days, and achieve funding on August 24, subject to regulatory approvals.
Speaking at the NBET Finance Company Plc Series II Bond Investors’ Forum in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government was returning to the capital market only after demonstrating its commitment to meeting its financial obligations.
He said the electricity sector had suffered years of underinvestment caused by liquidity shortages, tariff shortfalls, mounting debts to generation companies and weak market confidence.
