The Federal Government has signed the N728.979 billion Series-2 bond under its N4 trillion Power Sector Debt Reduction Programme to settle verified legacy debts owed to electricity generation companies and restore liquidity to Nigeria's power sector. The transaction comprises N402 billion in cash bonds raised from the domestic capital market and N326.979 billion in non-cash bonds allotted to participating generation companies. At the signing ceremony in Abuja, the Managing Director and CEO of Nigerian Bulk Electricity Trading Plc, Mr. Akinola Odeyemi, said the transaction represented a significant milestone in addressing longstanding financial challenges confronting the Nigerian Electricity Supply Industry. Odeyemi noted that the programme was designed to settle historical obligations and restore liquidity.
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