The Federal Government has announced the completion of key obligations under the first phase of its power sector debt financing programme, revealing that about ₦501bn was deployed to settle part of its outstanding liabilities to electricity generation companies.

The government also confirmed that it had paid the first coupon on the bond issued under the programme as scheduled, describing the development as a major step towards restoring confidence in Nigeria's electricity market. So far, ₦333bn has been paid to eight participating generation companies covering 17 power plants under the first tranche of the settlement initiative.

The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this at the NBET Finance Company Plc Series II Bond Issue Investors' Forum in Abuja, saying the administration deliberately prioritised meeting its obligations to investors before seeking additional funding, noting that credibility is central to rebuilding confidence in the power sector.

— NAIRAMETRICS