The Federal Government has made a payment of ₦205 billion out of the ₦1.3 trillion owed to power generating companies (GenCos) across the country.
This partial payment is part of ongoing efforts by the government to address the substantial debt burden within the power sector, which has been a critical issue affecting electricity generation and supply.
This payment is seen as a step towards improving the financial stability of GenCos and ensuring a more reliable power supply for Nigerians. However, the outstanding debt remains significant, and it is expected that further negotiations and payments will be required to fully settle the obligations.
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The move comes as part of broader efforts by the government to reform the energy sector and address the challenges facing electricity generation and distribution in Nigeria.
