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BREAKING: President Tinubu Approves N3.3trn For Payment Of Power Sector Debts
President Bola Tinubu has approved the gradual payments of power sector debts estimated at over N3.3 trillion.
Consequently, about N1.3trillion owed power generating companies by the Federal Government will be paid via cash injections and promissory notes, while about $1.3billion or N1.994trillion using the current official closing rate) owed to gas companies will be paid via cash and future royalties.
Already, the Federal Government has commenced payment of the cash part of the N1.3tn debt owed Gencos and concluded plans to settle the second part via promissory notes within a timeframe ranging from two to five years.
The Minister of Power, Chief Adebayo Adelabu, disclosed this at the 8th Africa Energy Marketplace held on Thursday in Abuja.
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