The Minister of Power, Joseph Tegbe, has reaffirmed the Federal Government’s commitment to stabilising Nigeria’s electricity sector, pledging to clear outstanding debts owed to power generation companies (GenCos) by 2027.
Speaking at an energy conference in Lagos, Tegbe disclosed that about ₦1.23 trillion of the debt has already been settled through bonds, with the remaining balance scheduled for payment next year.
He emphasised that the government’s efforts extend beyond debt repayment, noting that measures are being put in place to prevent the build-up of fresh arrears.
According to him, resolving the debt burden will help attract investment into the sector and improve electricity supply nationwide.
Tegbe stressed that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises reliable power for households, businesses, and industries.
By clearing obligations to GenCos and maximising generation capacity, the government aims to strengthen the sector’s financial sustainability and expand access to electricity across the country.
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