My people, abeg gather round, because this one na big news for our obodo Nigeria!
The Federal Government don land serious waka to clear the estimated N4 trillion power sector debt wey dey weigh our country down. Five power generation companies don sign settlement agreements wey go help clear the road for better electricity supply.
Dem drop N501 billion bond wey fly high with 100% subscription! Na Lagos na im dey happen, as pension funds, banks, and many big wahala-mana wey sabi money don enter to show say dem get confidence for wetin government dey do.
Na this program wey President Bola Tinubu dey run wey dey try settle payment wey don dey backlog for power supply for over 10 years. E no go lie say this legacy debt don make liquidity dey dry, balance sheets dey waka shakily, and even investors dey fear to put their money.
For the signing ceremony, Johnson Akinnawo, wey be the Managing Director of Nigeria Bulk Electricity Trading Plc, talk say this na historic moment for Nigeria’s power sector. He stress say this thing wey President Tinubu do na serious commitment to restructure the power industry.
Akinnawo talk say, “Reliable electricity no be just for hustle; it be the backbone of development.” True talk! If we no fit get light, how we go dey drive economic activity?
Olu Verheijen, Special Adviser to the President on Energy, explain say this bond na serious reset button for the electricity market, wey go help mix debt resolution with all the financial wahala wey dey go on for the sector.
For the first phase, dem don settle with five generation companies like First Independent Power and Geregu Power, wey dey operate 14 power plants all over Nigeria. Total estimated settlement value na N827.16 billion, and dem go pay am in four phases. First two phases go take N421.42 billion wey go come enter use cash and notes.
Industry people talk say if dem clear this historic arrears, e go open door for more liquidity for power generation companies to meet their running costs. Kola Adesina, wey be Group Managing Director of Sahara Power Group, talk say once this legacy matter don clear, dem go start construction for Egbin Power Plant second phase immediately!
When dem finalize this process, go fit get 4,483.60 megawatt-hours of electricity generation capacity. E go also complete payment for light wey don dey billed since 2015 to 290,644.84 gigawatt-hours.
Verheijen sabi say this initiative go carry money come for new investments and make sure we follow rules as dem dey settle debts and use transparent capital market financing.
Even the Finance Minister Wale Edun, wey talk through the Director-General of Debt Management Office, Patience Oniha, don highlight say this signing no be just financing; e be turning point for the power sector. Dem dey make sure say dem go restore liquidity and confidence. Na so e go fit make GenCos stable and attract new investments.
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