The Nigerian Presidency has begun internal processes to offset a ₦2 trillion debt owed to electricity generation companies, a move aimed at easing financial strain in the power sector.
Speaking at a stakeholders’ meeting in Abuja, a representative of the President’s energy adviser, Eriye Onagoruwa, confirmed that alternative debt solutions are being explored.
“We are empathetic to what GenCos are facing,” she said. “Internal approvals are currently underway.”
Although a specific timeline was not disclosed, Onagoruwa indicated that a formal update could be available within the next quarter.
This intervention comes amid growing concerns over rising debts to power producers, with the government reportedly defaulting on payments this year. Stakeholders at the meeting expressed optimism that the Presidency’s actions could improve liquidity and support ongoing reforms in the electricity sector.
