Tinubu to meet GenCos over N4tn power sector debt
President Bola Tinubu is expected to meet with the leadership of Nigeria’s power-generating companies as part of an emergency effort to address the N4trn debt threatening to cripple the country’s electricity supply chain.
The move follows a high-level meeting on Tuesday between the Minister of Power, Adebayo Adelabu, and chairmen of GenCos in Abuja, amid mounting fears of a possible collapse of the national grid due to liquidity constraints in the sector.
A statement by the minister’s Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, on Sunday, said the Federal Government had resolved to settle a substantial portion of the debt immediately while the remainder would be cleared through financial instruments such as promissory notes within the next six months.
He said this would be proposed in a meeting being planned between President Bola Ahmed Tinubu and GenCos’ leadership.
