N729bn bond clears first slice of N4trn owed to generating companies
The Federal Government has raised N728.9 billion through a bond to settle debts owed to electricity Generation Companies, GenCos, as part of the N4 trillion debt burden. The bond is in addition to the N501 billion raised in the bond market in January 2026, bringing the total funds raised to N1.23 trillion. The Minister of […] N729bn bond clears first slice of N4trn owed to generating companies
The Nigerian government has successfully issued a N728.9 billion bond to address debts owed to electricity generation companies, GenCos, as part of the overall N4 trillion debt. This bond, along with the N501 billion raised in January 2026, brings the total funds raised to N1.23 trillion. Finance Minister Taiwo Oyedele and Nigerian Bulk Electricity Trading Plc CEO Akinola Odeyemi confirmed the news separately.
The Series 2 bond consists of N402 billion in cash bonds and N326.9 billion in non-cash bonds allocated to GenCos through the Presidential Power Sector Debt Reduction Programme. Oyedele emphasized the need for stronger market discipline, improved revenue assurance, reduced technical and commercial losses, and increased efficiency within the electricity sector.
Odeyemi noted that the Series 2 issue, valued at approximately N729 billion, is being issued in two tranches and reflects growing confidence in the programme. GenCos previously expressed concern over unpaid historical debts.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
