The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.
The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.
Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.
What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve
And as the sector stabilises, more investment, more jobs, and better service will follow.
“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”, explained Olu Arowolo-Verheijen, Special Adviser on Energy to President Tinubu.
“It is part of a broader set of reforms already underway — including better metering and service-based tariffs that link what you pay to the quality of electricity you receive.
“The government is also prioritising power supply to businesses, industries, and small enterprises — because reliable electricity is critical to creating jobs, supporting livelihoods, and growing the economy.
“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 has commended all stakeholders who supported efforts to resolve the legacy issues in the power sector. He has also confirmed that the next phase (Series II) will begin this quarter.
All we need is a better Nigeria, better electricity supply, better hospitals, better education, better road, secured environment.
ReplyDeleteNothing will change, the money will be embezzled and they will still come back to tell us stories, I've lost hope in Nigeria.
ReplyDeleteProfessional pessimist.
DeleteYou know their tricks very well.
DeleteFor almost three years, the President has not done much about the electricity situation in the country, you complained .... now he is trying to do what, hopefully will improve electricity supply, you are still complaining.
DeleteWhat do you people really want?
Would you rather he invites non-nigerians to implement his policies or he invites you and your kinds that are saints to work with him?
All you do is to condemn successive governments and bad mouth the country and her citizens.
13:53, when we're truly seeing the results, we will stop complaining, because as far as I'm concerned, they've not fulfilled 98% of their promises, it's one promise to the other, and no action, we want to see a real change not empty promises.
DeleteAnytime we see results, we will praise them.
Nigeria my Country.
ReplyDeleteWho did we offend?
Na to just dey shake head like this.
ReplyDeleteWHAT ABOUT THE DEAL WITH SIEMENS DURING BUBU'S TENURE? THAT ONE SEF DDON ENTER VOICEMAIL
ReplyDelete