Power: FG to clear GenCos’ legacy debts in 2027 — Tegbe

The Minister of Power, Joseph Tegbe, has pledged to work in the direction of a gentle electrical energy provide throughout Nigeria and reiterated the Federal Government’s dedication to settling legacy debts owed to energy technology firms (GenCos) in 2027.

He made this recognized just lately at an vitality convention in Lagos.

Tegbe stated about ₦1.23 trillion of the excellent debt had been paid via bonds, with the steadiness anticipated to be cleared subsequent yr.

He famous that the federal government’s purpose went past settling excellent debts, including that efforts have been additionally being made to forestall the buildup of recent arrears.

According to him, addressing the debt burden would assist entice funding into the ability sector and enhance electrical energy provide to houses and companies throughout the nation.

The dedication displays the Federal Government’s acknowledged goal of bettering electrical energy provide beneath President Bola Ahmed Tinubu’s administration.

By clearing its obligations to GenCos and maximising obtainable technology capability, the federal government goals to strengthen the ability sector, entice funding and enhance entry to dependable electrical energy for households, companies and industries in line with the Renewed Hope Agenda.