FG raises N728.9bn in second bond issuance for power sector debt

The federal government has raised N728.9 billion in bonds to offset the N4 trillion legacy debt owed to electricity generation companies (GenCos).   Speaking at the launch in Abuja on Monday, Taiwo Oyedele, minister of finance and coordinating minister of the economy, said series 2 comprises N402 billion in cash bonds, while another N326.9 billion was allotted as non-cash bonds to participating GenCos.   The second bond brings the total issuance to N1.23 trillion.   “This transaction addresse

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