The Federal Government raised N728.9 billion in its second bond issuance to offset part of the N4 trillion legacy debt owed to electricity Generation Companies (GENCOs). The Series-2 issuance comprised N402 billion in cash bonds and N326.9 billion in non-cash bonds allotted to participating GenCos. Minister of Finance Taiwo Oyedele stated that the transaction addresses accumulated legacy obligations that have weakened liquidity and constrained investments in Nigeria's electricity market.
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