The Federal Government has endorsed a plan to restructure ₦4 trillion (about $2.61 billion) in outstanding electricity sector debt. The debt, owed to 27 power generation companies for unpaid invoices between 2015 and 2023, will be refinanced within three to four weeks under the Debt Management Office’s guidance. Finance Minister Olawale Edun said the plan—using instruments like bond issuances—forms part of broader power sector reforms, including reduced subsidies and tariff adjustments, which could save the government around ₦1.1 trillion (about $718.6 million) annually.
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