BY NKECHI NAECHE-ESEZOBOR—The Federal Government on Monday said it will clear the remaining legacy debts owed to power generation companies (Gencos) in 2027, as part of efforts to guarantee steady electricity for every Nigerian.
The Minister of Power, Joseph Tegbe, disclosed this at the Harvard Business School Association of Nigeria (HBSAN) Energy Conference in Lagos, noting that about N1.23 trillion of the backlog has been paid so far through bonds, with the balance to be settled next year.
Tegbe noted that the goal goes beyond settling old debts. The government, he said, is determined to ensure such arrears do not build up again, so that the sector can attract investment and deliver reliable power to homes and businesses across the country.
The commitment reflects the determination of the administration of President Bola Ahmed Tinubu to deliver a stable and reliable electricity supply for all Nigerians. By clearing its obligations to Gencos and making full use of available generation capacity, the Federal Government is building a stronger, more investment-ready power sector in line with the Renewed Hope Agenda, so that homes, businesses and industries can count on steady power to drive growth and prosperity.
