Federal overnment has issued an additional N729 billion bond as part of efforts to address the mounting N4 trillion debt owed to electricity generation companies, bringing the total raised under the programme to N1.23 trillion.
The latest issuance, combined with the N501 billion bond from January, forms Series 1 and Series 2 of the Capital Market Multi-Instrument Issuance Programme. Finance Minister Taiwo Oyedele described the bond as a model for financing growth through private capital.
“We need to finance our growth differently because public resources alone will never be sufficient to meet the scale of infrastructure investment Nigeria requires,” Oyedele said. “The bond is exactly that model… Everybody wins.”
Power Minister Joseph Tegbe noted the first bond was oversubscribed, signalling strong investor confidence.
The measures stem from President Bola Tinubu’s directive for a comprehensive review of power sector liabilities to restore trust and create a sustainable framework.
