Susan Abayomi
The Federal Government has reaffirmed its commitment to providing reliable electricity to Nigerians, pledging to clear outstanding legacy debts owed to power generation companies (Gencos) while protecting vulnerable consumers.
The Minister of Power, Joseph Tegbe, disclosed this at the Harvard Business School Association of Nigeria (HBSAN) Energy Conference in Lagos, where he said the government had paid about ₦1.23 trillion of the outstanding debts through bonds.
According to Tegbe, the remaining balance is expected to be settled next year as part of efforts to address longstanding financial challenges in the power sector.
He explained that the government’s objective extends beyond clearing accumulated debts to preventing a recurrence of such arrears. This, he noted, is essential to strengthening investor confidence, attracting new investments and improving electricity supply to homes and businesses across the country.
The Federal Government said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises a more stable and efficient electricity sector capable of supporting economic growth.
By settling its outstanding obligations to Gencos and making better use of available electricity generation capacity, the government aims to strengthen the power sector and create an environment in which households, businesses and industries can depend on more reliable electricity.
