FG, GenCos Seal Agreement on N4 Trillion Power Sector Debt Payment
The Federal Government has concluded implementation frameworks for a N4 trillion government-backed bond to settle verified arrears owed to power Generation Companies (GenCos) and gas suppliers.
This was revealed by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, in a statement on Tuesday in Abuja.
A high-level meeting between federal government officials and senior executives of GenCos was held to review modalities for clearing the outstanding debts, resulting in a consensus on the next steps.
These steps include bilateral negotiations to finalise comprehensive settlement agreements that balance fiscal realities with the financial challenges facing the GenCos.
No specific quote available in the text.
Author's summary: FG settles N4 trillion debt with GenCos.