President Tinubu approves N3. 3 trillion for payment of power sector debts

President Bola Ahmed Tinubu has approved the gradual payment of power sector debts estimated at over N3. 3 trillion.

Consequently, about N1. 3 trillion owed power generating companies by the Federal Government will be paid via cash injection and promissory notes, while about $1.3 billion or N1. 994 trillion using the official closing rate owed to gas companies will be paid via cash and future royalties.

Already, the Federal Government has commenced payment of cash part of N1. 3 trillion debt owed GenCos and concluded plans to settle the second part via promissory notes within a time frame ranging from two to five years.

The Minister of Power, Chief Adebayo Adelabu, disclosed this at the 8th Africa Energy Marketplace held on Thursday in Abuja -Nigeria.

-9News Nigeria.