NBET begins N729bn power debt settlement with GenCos
The Nigerian Bulk Electricity Trading Plc has begun settling a N729bn debt owed to power generation companies and gas suppliers through a bond issuance. Read More: https://punchng.com/nbet-begins-n729bn-power-debt-settlement-with-gencos/
Nigerian Bulk Electricity Trading Plc (NBET) has commenced settling outstanding debts owed to power generation companies and their associated gas suppliers, marking the start of payments under the second series of the bond program. This initiative, part of President Bola Tinubu's Power Sector Debt Reduction Programme, involves N728.979 billion in bonds and aims to address historical debts in the electricity sector.
NBET's Managing Director, Akin Odeyemi, disclosed the milestone, highlighting it as a significant step towards resolving longstanding financial obligations and restoring liquidity across the electricity value chain. The settlement comprises N402 billion in cash bonds and N326.979 billion in non-cash bonds, in line with the approved settlement framework.
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