The Minister of Power, Joseph Tegbe, has pledged to work towards a steady electricity supply across Nigeria and reiterated the Federal Government’s commitment to settling legacy debts owed to power generation companies (GenCos) in 2027.
He made this known recently at an energy conference in Lagos.
Tegbe said about ₦1.23 trillion of the outstanding debt had been paid through bonds, with the balance expected to be cleared next year.
He noted that the government’s goal went beyond settling outstanding debts, adding that efforts were also being made to prevent the accumulation of fresh arrears.
According to him, addressing the debt burden would help attract investment into the power sector and improve electricity supply to homes and businesses across the country.
The commitment reflects the Federal Government’s stated objective of improving electricity supply under President Bola Ahmed Tinubu’s administration.
By clearing its obligations to GenCos and maximising available generation capacity, the government aims to strengthen the power sector, attract investment and improve access to reliable electricity for households, businesses and industries in line with the Renewed Hope Agenda.