National News
BREAKING: Tinubu approves ₦3.3trn power sector debt plan to boost electricity supply
President Bola Ahmed Tinubu has approved a ₦3.3 trillion payment plan aimed at resolving long-standing debts in Nigeria’s power sector and improving electricity supply nationwide.
The initiative addresses legacy debts accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme.
According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the figure represents a full and final settlement following a comprehensive review process designed to ensure transparency and fairness.
Implementation of the repayment plan has already commenced, with 15 power plants signing settlement agreements worth ₦2.3 trillion. The Federal Government has also raised ₦501 billion to support the process, out of which ₦223 billion has been disbursed so far.
The statement noted that the intervention is expected to stabilise electricity generation and improve reliability across the power value chain.
Commenting on the development, the Special Adviser on Energy to the President, Olu Arowolo-Verheijen, said the initiative goes beyond debt settlement to restoring confidence in the sector.
“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.
She added that the reforms would be complemented by improved metering systems and service-based tariffs that align electricity payments with quality of supply.
The government also plans to prioritise power supply to businesses, industries, and small enterprises to stimulate job creation and economic growth.
“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” she added.
President Tinubu commended stakeholders involved in resolving the long-standing issues and confirmed that the next phase of reforms, Series II, will commence within the current quarter.
The move represents a significant step in ongoing efforts to reposition Nigeria’s power sector and address challenges that have hindered stable electricity supply for over a decade.
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