AFREEQUE
Top stories
Football
🇳🇬 NigeriaBusiness

Nigeria settles 728.979 billion naira in electricity debts

By , based on Leadership

Map: Nigeria

Nigerian President Bola Tinubu says the settlement of 728.979 billion naira in legacy obligations has enabled Nigeria Bulk Electricity Trading to pay power producers and their gas suppliers. The payments, financed through a second-series bond issue under a 4 trillion naira programme, are intended to strengthen market confidence and stability, according to Tinubu.

Nigeria has issued bonds worth 728.979 billion naira to settle arrears owed to electricity producers and their gas suppliers. President Bola Tinubu announced that the funds had enabled Nigeria Bulk Electricity Trading Plc (NBET), the state-owned bulk electricity buyer, to pay the companies concerned under the Presidential Power Sector Debt Reduction Programme.

The bonds are the second series of issuances under a 4 trillion naira financing programme. Tinubu said settling longstanding and disputed debts should restore confidence among producers, gas suppliers and other market participants. He also said the operation strengthened the foundations for a more stable electricity sector.

The president made the remarks on 31 October, congratulating NBET managing director Akin Odeyemi on his birthday and on his role in implementing the programme. Nigeria announced the repayment of 1.23 trillion naira to electricity producers on 28 October.

Share this article

Related stories

Soludo launches Anambra coalition to re-elect Tinubu

Anambra Governor Chukwuma Soludo launched a coalition of parties in Awka to support the re-election of Nigerian President Bola Tinubu. He said the alliance should strengthen political participation in the South-East and ensure fair competition for other candidates, according to Vanguard.

🇳🇬 Nigeria · Source: Vanguard ·

Rufai Oseni criticises Nigerian candidates’ lack of 2027 programmes

Nigerian presenter Rufai Oseni criticised President Bola Tinubu and candidates Atiku Abubakar and Peter Obi for not publishing a programme for the 2027 presidential election. He said voters should be able to examine their proposals before the vote, scheduled in less than three months, according to comments reported by Daily Post Nigeria.

🇳🇬 Nigeria · Source: Daily Post ·

Nigeria’s solar sector needs viable projects and reliable equipment to attract investors

Nigerian solar sector specialists say financially viable projects, reliable equipment and local technical support are essential to sustain market growth. They warn that investor confidence could be lost and recall that Africa would need $28 billion to $46 billion to expand renewable electricity access to around 150 million people, according to speakers cited by Tribune Online.

🇳🇬 Nigeria · Source: Tribune Online ·

Atiku accuses Tinubu of failing on electricity and promises tariff reform

Atiku Abubakar accuses President Bola Tinubu of failing to fulfil his promise to improve electricity supply in Nigeria and says households and businesses still face power cuts and generator costs. The former vice-president promises, if elected, to replace the current category-based tariff system; he also sought clarification on the planned removal of electricity subsidies in 2027, according to Aminiya.

🇳🇬 Nigeria · Source: Aminiya ·

🇳🇬 Latest from Nigeria

Nigeria strengthens cooperation against digital fraud networksNigeria strengthens cooperation against digital fraud networksA Nigerian delegation presented the country’s efforts against cybercrime and digital fraud networks in the United Kingdom, including stronger criminal investigations and digital forensics skills. Representatives of the Nigerian police and the Ministry of Justice outlined the measures at an international meeting, Leadership reports.All Nigeria news →

Business in West Africa

Kriti Jade loads up to 330,000 barrels of Beninese oil for ShellKriti Jade loads up to 330,000 barrels of Beninese oil for ShellThe tanker Kriti Jade has begun loading between 320,000 and 330,000 barrels from the offshore Sèmè field at Cotonou port anchorage for delivery to Shell’s refineries in Rotterdam. The cargo exceeds the 250,000 barrels initially planned and accompanies production of about 3,000 barrels per day, according to Matin Libre.All Business news →

The week in Africa

This week’s highlights

  1. MINURSO liquidation begins in the Sahara after mandate ends🇲🇦 Morocco
  2. FBI attributes Binance hack to North Korea🇰🇵 North Korea
  3. Binance hack exposes risks for Nigerian crypto savers🇳🇬 Nigeria
  4. Water access problems hamper Ebola prevention in Bunia🇨🇩 DR Congo
  5. Trump says war between US and Iran will end soon🇺🇸 United States
All of this week’s highlights →

Africa in your inbox

Be the first to get our letter in English: the essentials from every region of the continent, free.

← Back to the news