NBET Begins ₦728.98bn Payment of Legacy Debts to Power Generators
The Nigerian Bulk Electricity Trading company says it has started settling outstanding debts owed to electricity generation companies and their gas suppliers under the Presidential Power Sector Debt Reduction Programme. The first payment follows the issuance of ₦728.979 billion in Series 2 bonds under the Federal Government’s ₦4 trillion power-sector financing programme. The package includes ₦402 billion in cash bonds and ₦326.979 billion in non-cash bonds. NBET says clearing the debts will improve liquidity for generators and gas suppliers, helping power plants maintain their equipment, increase generation and improve electricity reliability. The company is also preparing for the programme’s next phase.
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