The Presidency said it has begun processes to pay ₦2 trillion from a total ₦4 trillion legacy debts owed for electricity generated and supplied to the national grid.
A representative of the Special Adviser to the President on Energy, Olu Verheijen, revealed this at a Nigerian Electricity Supply Industry (NESI) stakeholders meeting organised by the Nigerian Electricity Regulatory Commission (NERC).
According to her, the debts to be settled before the end of the coming quarter are part of efforts to stabilise Nigeria’s power sector.
In February, the Minister of Power, Adebayo Adelabu, said the Nigerian government owed electricity generation companies (GenCos) and distribution companies (DisCos) in the country over N4 trillion in debt.
Adelabu added that the debt burden was crippling the sector, making it challenging for GenCos to perform optimally.
In a development, however, Adelabu in April promised to resolve all issues surrounding the debts.
