Tinubu approves payment of N3.3tn power sector debts

President Bola Tinubu has approved the gradual payments of power sector debts estimated at over N3.3tn as part of the measures to tackle incessant power outages in the country,
The Minister of Power, Adebayo Adelabu, disclosed this at the 8th Africa Energy Marketplace held on Thursday in Abuja.
Adelabu disclosed that Tinubu had directed the Minister of Finance to make immediate payment of N130bn from the Gas Stabilisation Fund, being part of the N1.3tn owed Gencos, revealing that rest will be spread over some time.
He also noted that the Federal Government has commenced payment of the cash part of the N1.3tn debt owed Gencos and concluded plans to settle the second part via promissory notes within a timeframe ranging from two to five years.