President Bola Tinubu has authorized the gradual disbursement of funds to settle power sector debts totaling over N3.3 trillion. This decision aims to address longstanding financial obligations within the power industry.
As part of the plan, approximately N1.3 trillion owed to power generating companies by the Federal Government will be cleared through a combination of cash injections and promissory notes. Additionally, an amount equivalent to $1.3 billion (approximately N1.994 trillion at the current official closing rate) owed to gas companies will be settled using a mix of cash payments and future royalties.
The Federal Government has already initiated payments towards the cash portion of the N1.3 trillion debt owed to Gencos. Plans are also underway to address the remaining balance through promissory notes, with a repayment timeline spanning two to five years.
The Minister of Power, Chief Adebayo Adelabu, revealed these developments during the 8th Africa Energy Marketplace held in Abuja on Thursday. This significant financial commitment underscores the government's dedication to resolving key issues within the power sector and fostering its growth and sustainability.
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