The Federal Government has paid N1.23 trillion of its outstanding debts to electricity generation companies through bonds and plans to settle the remaining balance in 2027.
The Minister of Power, Joseph Tegbe, disclosed this at the Harvard Business School Association of Nigeria Energy Conference in Lagos.
He said the government was committed to paying the remaining debts and preventing new unpaid bills from building up in the power sector.
According to Tegbe, clearing the debts will help attract more investment into the electricity sector and improve power supply to homes and businesses across Nigeria.
He reaffirmed the government’s commitment to providing reliable electricity while protecting vulnerable Nigerians.
Tegbe said the government was working to settle its debts to power generation companies and make better use of the electricity the country can produce.
He explained that these efforts would help build a stronger power sector and encourage more investors to support its growth.
The minister added that the plans were in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to ensure that homes, businesses and industries have a more reliable electricity supply to support economic growth.
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