Legacy Debts: Nigerians May See Steadier Power As NBET Starts Paying GenCos N729bn

For the households that run on generators and the small businesses that count the cost of every blackout, a debt settlement now under way in the power sector could eventually mean more reliable electricity.
The Nigerian Bulk Electricity Trading Plc (NBET) has begun paying power generation companies (GenCos) and their gas suppliers for electricity and gas supplied in the past, following the issuance and signing of N728.979 billion Series 2 Bonds.
The debts, which built up over the years, have strained the companies that generate power and supply the gas that fuels their plants. When these firms are not paid, they have less money to maintain their plants, and that can affect how much el...