Lagos, Nigeria – The Federal Government of Nigeria has successfully issued a ₦501 billion inaugural bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP), recording 100% subscription from pension funds, banks, asset managers and other investors, and marking a significant step towards resolving legacy debts, restoring liquidity, and strengthening confidence in the Nigerian Electricity Supply Industry (NESI). The Programme, championed by President Bola Ahmed Tinubu, GCFR, is designed to address long-standing payment arrears owed to power generation companies, which for over a decade constrained liquidity, weakened balance sheets and discouraged investment across the power sector value chain.

President Bola Ahmed Tinubu has approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep-offshore oil project by Shell and its partners. The President also directed the Special Adviser to the President on Energy, Mrs. Olu Verheijen, to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.

The Office of the Special Adviser to the President on Energy welcomes the issuance of the first bond under the Presidential Power Sector Debt Reduction Programme. Issued by NBET Finance Company Plc, a Special Purpose Vehicle (“SPV”) of the Nigerian Bulk Electricity Trading (NBET) Plc, the ₦590 billion Series 1 Power Sector Bond is guaranteed by the full faith and credit of the Federal Government of Nigeria. CardinalStone Partners Limited is the Lead Financial Adviser and Lead Issuing House.