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.
While emphasising the significance of paying off the debts for the power sector, she explained that alternative debt instruments were being explored, given the Federal Government’s fiscal constraints.