Electricity Generation Companies (GenCos participating under the Presidential Power Sector Debt Reduction Programme (PPSDRP) are scheduled to sign N728billion series 2 bond next Monday in Abuja.
The pact which binds for seven years is amortizing a power sector bond in August 2026. Power sector liability has been a major hurdle to the development of the Nigerian Electricity Supply Industry (NESI) stifling it of liquidity.
Recall that earlier this year gas producers, who are owned over 60 per cent of the debt shunned the domestic market because of export.
The government is now defraying the debt with different instruments to boost domestic gas supply and by extension strengthen the GenCos for production.
Consequently, in a letter dated September 7, 2026 and titled: ‘NBET/BICC/TNN/2026/013,’ the Nigerian Bulk Electricity Trading Company (NBET) announced the signing of the series 2 bond under the N40 trillion power sector multi-instrument issuance programme.
The announcement that was contained in a press invitation read in part: ‘Further to the launch of the 7-year ?728.9 Billion Series 2 Amortizing Power Sector Bond in August 2026, comprising ?402 Billion Cash Bonds to the capital market and ?326.9 Billion non-Cash Bonds to the Generation Companies (‘GenCos’) participating in the Presidential Power Sector Debt Reduction Programme (PPSDRP), we are pleased to confirm a key development in the execution of this programme.
‘NBET Finance Company PLC (the ‘Issuer’) has completed the issuance of the ?402,000,000,000 Series 2 (Tranche A) Bonds and secured approval from the Honourable Minister of Finance for the ?326,979,000,000.00 Series 2 (Tranche B) Bonds, bringing total issuance under the second series to ?728,979,000,000, a significant step in settling legacy debts owed to Generation Companies under the ?4 Trillion Multi-Instrument Issuance Programme.
‘NBET cordially invites you to the Signing Ceremony commemorating this Series 2 capital raise, a critical milestone in the ongoing reform of Nigeria’s Power Sector and the Federal Government’s commitment to market liquidity and a sustainable electricity value chain.’