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The Federal Government has pledged to urgently address the N4 trillion debt plaguing Nigeria’s power generation sector.
Minister of Power, Adebayo Adelabu, met with Generating Companies of Nigeria (GenCos) Chairmen in Abuja on April 29, 2024, to discuss the issue.
According to Adelabu’s spokesman, Bolaji Tunji, the government plans to prioritize immediate payment of the debt to prevent collapse of the power infrastructure.
A meeting between President Bola Tinubu and GenCos’ leadership is being planned to propose a payment plan.
“We will pay a substantial amount in cash and consider debt instruments for the balance,” Adelabu said, suggesting a combination of cash payment and promissory notes.
The move aims to stabilize the power sector and ensure sustainable energy supply.
