Power crisis: GenCos kick as Tinubu approves N3.3tn to clear legacy debt

After disapproval by statesmanlike campaigner of the Labour Party successful the 2023 election, Peter Obi, President Bola Tinubu has announced a program to offset N3.3 trillion powerfulness assemblage bequest indebtedness owed to procreation companies.

A connection released connected Sunday by statesmanlike spokesperson, Bayo Onanuga, said the N3.3 trillion approved outgo program followed owed verification of the country’s powerfulness assemblage bequest debt, which has lasted for much than a decade.

The approved outgo program is successful summation to the existing pioneer N501 cardinal enslaved to settee bequest debt, which procreation companies said has risen to N6 trillion.

“Following verification, N3.3 trillion has been agreed arsenic a afloat and last settlement, ensuring a just and transparent resolution.

“Implementation has begun, with 15 powerfulness plants signing colony agreements totalling N2.3 trillion. The Federal Government has already raised N501 cardinal to money these payments. Out of the amount, N223 cardinal has been disbursed, with further payments underway.

“What this means for Nigerians: With payments reachin...