The Federal Government says it will clear the remaining legacy debts owed to power generation companies (Gencos). It also promises steady electricity for all Nigerians.
Power Minister Joseph Tegbe gave the assurance at the Harvard Business School Association of Nigeria (HBSAN) Energy Conference in Lagos.
So far, about N1.23 trillion of the backlog has been paid through bonds. The government plans to settle the balance next year.
Tegbe said the plan goes beyond old debts. The government wants to stop such arrears from piling up again. Doing so, he explained, would draw investors to the sector. It would also help deliver reliable power to homes and businesses nationwide.
He added that vulnerable groups would be protected along the way.
