The Federal Government has closed the ₦590 billion Series 1 Power Sector Bond, marking a major step toward settling over ₦4 trillion in legacy debts owed to electricity generation companies (GenCos).
Issued through NBET Finance Company Plc and fully guaranteed by the Federal Government, the bond is part of the Presidential Power Sector Debt Reduction Programme aimed at restoring liquidity and stability in the power sector.
Proceeds from the seven-year bond will be used to settle verified arrears owed to GenCos and gas suppliers, debts that have constrained power generation and investment.
Government officials say the initiative is designed to rebuild investor confidence, improve cash flow, and support sustainable electricity supply nationwide. Visit www.jocomms.com for more news.