The Federal Government on Tuesday said it had fulfilled all commitments under the first tranche of its power sector debt financing programme, disclosing that it deployed about N501bn to settle part of the long-standing legacy debts owed to electricity generation companies and paid the first bond coupon on schedule.
It disclosed that N333bn has so far been paid to eight participating GenCos covering 17 power plants under the first phase of the power sector debt settlement programme.
The government said the successful execution of Series I of the Power Sector Multi-Instrument Issuance Programme had restored investor confidence in Nigeria’s electricity market and laid the foundation for the launch of a N729bn Series II bond, which it said would deepen liquidity across the power value chain.
The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this on Tuesday at the Nigerian Bulk Electricity Trading Finance Company Plc Series
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