Power: FG to clear GenCos’ legacy debts in 2027 — Tegbe

The Minister of Power, Joseph Tegbe, has announced plans to clear legacy debts owed to power generation companies (GenCos) in Nigeria by 2027, according to a statement made at an energy conference in Lagos. Tegbe emphasized the Federal Government's commitment to ensuring a steady electricity supply across the country and pledged to settle the outstanding debt of ₦1.23 trillion, which has already been partially paid through bonds.

The remaining balance is expected to be cleared in the coming year. Tegbe highlighted that the government's objective extends beyond merely settling the existing debt, as efforts are also being made to prevent the accumulation of new arrears. By addressing the debt burden, the government aims to attract investment into the power sector, thereby improving electricity supply for homes and businesses nationwide.

This commitment aligns with President Bola Ahmed Tinubu's administration's objective of enhancing electricity supply in Nigeria. By clearing its obligations to GenCos and maximizing available generation capacity, the government seeks to strengthen the power sector, attract investment, and improve access to reliable electricity for households, businesses, and industries as part of the Renewed Hope Agenda.