President Bola Ahmed Tinubu has approved part payment of all power sector debts, estimated at N3.3 trillion. Adebayo Adelabu, Nigeria's Minister of Power, disclosed this at Thursday's 8th Africa Energy Marketplace in Abuja. He noted that the federal government's N1.3 trillion debt to power-generating companies would be paid via cash injections and promissory notes, while about $1.3 billion owed to gas companies will be paid via cash and future royalties.
Minister of State Petroleum to defray the outstanding debts owed to the gas supplying companies to the power sector operators. 'The payments will be in parts. We have the legacy debt and the current debt. For the current debt, approval has been given for a cash payment of about N130bn from the Gas Stabilisation Fund, which the Federal Ministry of Finance will pay if it hasn't already,' he said. In March, the government paid $120 million out of the $1.