The federal government says it has paid N333 billion to eight participating electricity generation companies (GenCos), covering 17 power plants, under the first phase of the power sector debt settlement programme.
Olu Verheijen, special adviser to the president on energy, spoke on Tuesday during the investor forum for the presidential power Sector financial reforms programme (PPSFRP) – series II bond issuance.
“Series I delivered on its promise. In February 2026, the Federal Government deployed approximately ₦501 billion, N300 billion in cash and roughly ₦201 billion through non-cash bond instruments, addressing approximately 22 percent of the settlement obligations under executed Settlement Agreements, with the balance to be covered through Series II and subsequent issuances,” she said.
“To date, ₦333.12 billion has been settled to the eight participating generation companies, covering seventeen power plants that have executed participation agreements.
“We met our obligation on schedule. The first
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