Nigerian Bulk Electricity Trading (NBET) began paying 729 billion naira (about $547 million) of legacy debt to power generators and gas suppliers on 9 October. The payment, made through a second series of bonds, includes 402 billion naira in cash and the rest in non-cash bonds, and covers 11 generating companies against eight in the first round in January. It brings the total raised under the government’s 4 trillion naira power-sector bond programme to about 1.23 trillion naira, while the industry puts its overall claims at 6.8 trillion. Clearing arrears helps generators pay for gas and maintenance, but new debts will build up unless tariffs and bill collection cover costs.