The Federal Government is set to open a N729 billion Series II bond offer on August 3, 2026, under its Presidential Power Sector Debt Reduction Program, as part of a renewed push to settle verified legacy debts owed to electricity Generation Companies (GenCos) and restore liquidity across the Nigerian Electricity Supply Industry (NESI).
According to the issuance timeline presented by CardinalStone Partners, Lead Financial Adviser, the bond offer is expected to open on August 3 and runs for 10 business days, closing on August 14, with transaction funding targeted for August 24, pending regulatory approvals.
Taiwo Oyedele, Nigeria’s minister of Finance and Coordinating Minister of the Economy, who spoke at the NBET Finance Company Plc Series II Bond Investors’ Forum in Abuja on Tuesday, disclosed that the government was returning to the capital market only after demonstrating its commitment to honouring financial obligations.
According to Oyedele, the long-standing underinvestment in Nigeria’s electricity industry stems from severe liquidity bottlenecks, cost-reflective tariff gaps, accumulating liabilities to power producers, and eroded market confidence.
These issues, he said could not be solved by budgetary allocation alone, but requires structural, market-based solutions.
