Nigeria, Oct. 15 -- The Nigerian Government has taken a major step towards restoring operational stability and investor confidence in the electricity market with the finalisation of the implementation framework for the presidential power sector debt reduction plan.

Senan Murray, the head of media and communications unit, Office of the Special Adviser to the President on Energy, said in a statement on Tuesday.

Power generation companies (GenCos), in April, warned of imminent shutdown if the government failed to take definite steps to address the N4 trillion debt owed to them for the electricity generated and supplied to the national grid.

The firms noted that the debt, which includes N2 trillion for 2024 and N1.9 trillion in legacy debt...