…as Oyedele calls for improved revenue assurance
The Federal Government has successfully raised approximately ₦728.9 billion through the Series 2 issuance under its ₦4 trillion Power Sector Multi-Instrument Issuance Programme, pushing total mobilization under the debt reduction initiative past the ₦1.1 trillion mark.
The latest transaction comprises ₦402 billion in cash bonds secured from the capital market alongside ₦326.979 billion in non-cash bonds allotted directly to participating electricity generation companies (GenCos).
Speaking at the formal signing ceremony in Abuja on Monday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned that issuing bonds alone cannot resolve the structural challenges plaguing Nigeria’s power grid.
He stressed that the intervention must be matched by rigorous market discipline, enhanced revenue assurance, reduced technical and commercial losses, and strict operational accountability across the entire electricity value chain.
Representing the Minister of Power, the Ministry’s Permanent Secretary Mahmuda Mamman reiterated the administration’s commitment to building a stable, financially sustainable electricity market capable of attracting long-term investments and delivering reliable power to households and businesses nationwide.
In his remarks, the Managing Director of the Nigerian Bulk Electricity Trading (NBET), Akin Odeyemi, noted that the Series 2 rollout involved 11 generation companies operating 21 power plants, an increase from the eight GenCos that participated in the initial Series 1 issuance completed in January 2026.
The overarching debt reduction programme is designed to systematically clear a decade-long accumulation of unpaid and unverified financial obligations owed to generation companies and gas suppliers, restoring liquidity and confidence across the electricity supply industry.
Also speaking the Special Adviser to the President on Energy, Olu Verheijen, emphasized that the successful completion of Series 1 proved the viability of the model, while Series 2 scales up the intervention to move the sector from debt and dysfunction to delivery and discipline.