The Federal Government says it has met all commitments under the first phase of its power sector debt financing programme, deploying about ₦501 billion to settle part of the long-standing debts owed to electricity generation companies.

Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, said ₦333 billion has so far been paid to eight participating generation companies covering 17 power plants, while the first bond coupon was paid on schedule.

Verheijen said the successful implementation of the Series I Power Sector Multi-Instrument Issuance Programme has helped restore investor confidence in Nigeria's electricity market and paved the way for the launch of a ₦729 billion Series II bond, which is expected to improve liquidity across the electricity value chain and support broader sector reforms.

According to Verheijen, the Tinubu administration is focused on strengthening investor confidence by meeting its financial obligations and improving fiscal discipline in the power sector. She said the debt financing programme is designed to convert legacy liabilities into fresh liquidity that will support investment, improve operational performance across the electricity industry, and advance the Presidential Power Sector Financial Reforms Programme under the Renewed Hope Agenda.