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Nigeria Begins $128 Million Gas Legacy Debt Repayment
The Nigerian government has initiated the repayment of ₦185 billion ($128 million) in outstanding debts owed to gas producers, a move aimed at addressing longstanding financial challenges that have hindered investment, strained cash flow, and reduced gas supply for electricity generation.
⛽️ Minister of State for Petroleum Resources, Ekperikpe Ekpo, described the payment as a “decisive step towards revitalizing Nigeria’s gas sector and strengthening its power-generation capacity in a sustainable manner.”
This payment, which will be executed through a royalty-offset arrangement, is expected to restore confidence in the energy sector, stimulate new investments, and significantly enhance the country’s gas output.
📈 The Nigerian government plans to increase gas production to 12 billion cubic feet per day by 2030, aligning with its broader energy goals.
