By Ajibola Olaide, JKNewsMedia
THE FEDERAL Government (FG) has pledged to settle the remaining legacy debts owed to power generation companies next year, following payments of about N1.23 trillion through bonds, while promising to protect vulnerable groups and improve electricity supply across Nigeria.
JKNewsMedia.com reports that the Minister of Power, Joseph Tegbe, disclosed this at the Harvard Business School Association of Nigeria Energy Conference in Lagos, where he reaffirmed the government’s commitment to delivering steady electricity to Nigerians.
Tegbe said the government had paid about N1.23 trillion of the outstanding obligations to power generation companies, known as Gencos, through bonds, with the remaining balance scheduled for settlement next year.
He stressed that the government’s objective extends beyond clearing accumulated debts, noting that it also intends to prevent fresh arrears from building up in the power sector.
According to the minister, addressing the outstanding obligations would help create a more attractive environment for investment and support reliable electricity supply to homes and businesses across the country.
The FG said it remained committed to strengthening the electricity sector by meeting its financial obligations to Gencos and making full use of available generation capacity.
He also said the administration of President Bola Tinubu has linked the commitment to its Renewed Hope Agenda, with the stated aim of building a stronger, investment-ready power sector capable of supporting homes, businesses and industries.
Tegbe also said the government reaffirmed its commitment to ensuring that vulnerable groups receive adequate protection as it pursues its electricity supply objectives.
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