Nigeria has sanctioned a debt refinancing plan for the electricity sector amounting to $2.6 billion

Nigeria has approved a phased approach to refinance 4 trillion naira ($2.61 billion) in electricity sector debt, with the goal of stabilizing the troubled power industry and improving supply, as stated by the finance minister. This debt, primarily owed to 27 power generation companies for unpaid invoices from 2015 to 2023, has impeded investment in the sector and exacerbated ongoing power outages in Africa's most populous nation. President Bola Tinubu has pledged to resolve these claims following a recent verification process. He approved the plan on Wednesday. After a cabinet meeting in Abuja, finance minister Olawale Edun announced that the refinancing would be executed within three to four weeks under the oversight of the debt management office. "It is now fully approved, and we move to implementation," Edun commented.