FG Says ₦1.23 Trillion Genco Debt Has Been Paid, Promises Reliable Power Supply

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The Federal Government says it has paid about ₦1.23 trillion of the legacy debt owed to power generation companies through bonds. It says the outstanding balance will be cleared next year. Speaking at an energy conference in Lagos, Power Minister Joseph Tegbe said the government wants to prevent fresh arrears from building up in the electricity sector. He said settling the debts and using available generation capacity more effectively should help attract investment and improve electricity supply for homes, businesses and industries.

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