The Chairman of the Presidential Power Sector Financial Reforms Programme and Honourable Minister of Finance and Coordinating Minister of the Economy; the Honourable Minister of Power; the Special Adviser to the President on Power; the Director-General of the Debt Management Office; the Director-General of the Bureau of Public Enterprises; the Director-General of the Budget Office of the Federation; the Managing Director of Nigerian Bulk Electricity Trading Plc, represented here today; our transaction advisers; distinguished investors, representatives of nancial institutions, development partners, colleagues from the public and private sectors, ladies and gentlemen, good morning.

Welcome, and thank you for joining us.

Every successful capital market tells the same story: investors return where governments keep their promises. Today’s forum is about exactly that.

President Bola Ahmed Tinubu’s administration has demonstrated beyond doubt its commitment to making a clean break from the scal dysfunction that once defined Nigeria’s power sector. Through bold policy decisions and disciplined execution, we are converting an unsustainable liability into a bankable, well-governed investment opportunity that the market can trust.

**We are converting yesterday’s liabilities into today’s liquidity and tomorrow’s investment capacity. **

That liquidity, if sustained, will strengthen the entire electricity value chain, improve operational performance, and restore confidence across the sector. That is precisely what the Presidential Power Sector Financial Reforms Programme was established to achieve under the Renewed Hope Agenda.

Markets do not reward promises. They reward performance. That is why we deliberately chose execution before expansion.

Series I delivered on its promise. In February 2026, the Federal Government deployed approximately N501 billion, 300 billion in cash and roughly N201 billion through non-cash bond instruments, addressing approximately 22 percent of the settlement obligations under executed Settlement Agreements, with the balance to be covered through Series II and subsequent issuances.

To date, N333.12 billion has been settled to the eight participating generation companies, covering seventeen power plants that have executed participation agreements.

We met our obligation on schedule. The first Series I coupon about N63.5 billion was paid in full on 14 July 2026.

In sovereign finance, trust compounds just as powerfully as interest.

Governments that expect private capital to invest must first demonstrate that their own commitments will be honoured. That is exactly what this Programme has done. Bankability does not begin in nancial markets. It begins with governments that honour contracts, meet obligations, and create predictable rules. Capital follows credibility. That principle has guided every stage of this Programme.

That credibility is already translating into tangible improvements across the sector. Participating generation companies are meeting obligations to gas suppliers, lenders and operations and maintenance contractors that had previously gone unmet. Strong investor participation in Series I was therefore no coincidence. It reflected growing condence in both this Programme and Nigeria’s broader reform agenda. We are grateful to every institution that placed that confidence in us.

Series I proved the model. Series II scales it.

This issuance extends the settlement of veri ed legacy obligations, deepens liquidity throughout the electricity value chain, and further strengthens the financial foundations needed to attract long-term private investment into Nigeria’s power sector.

By participating, you are not simply purchasing a nancial instrument. You are investing in a reform programme designed to restore payment discipline, strengthen sector cash flows, crowd in private capital, and accelerate Nigeria’s economic transformation.