The Federal Government has taken steps towards resolving Nigeria's estimated N4tn power sector debt burden as five power generation companies signed settlement agreements under the Presidential Power Sector Debt Reduction Programme, following the issuance of a N501bn bond.
The bond, which reportedly recorded 100 per cent subscription, was issued in Lagos on Tuesday, attracting interest from pension funds, banks, asset managers, and other institutional investors, signalling renewed confidence in the government's electricity market reforms and its approach to resolving legacy sector challenges.
The programme, driven by President Bola Tinubu, is designed to address payment arrears owed to power generation companies for electricity supplied over the past decade.
