President Bola Tinubu has approved the payment of ₦3.3 trillion, being accumulated debts owed to players in the power sector between February 2015 and March 2025.
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Presidential spokesperson, Bayo Onanuga, said the debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.
The statement noted that 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.”
The initiative under the Power Sector Financial Reforms Programme is to ensure a fair and transparent resolution and ultimately, stimulate stable electricity generation and distribution.
The statement highlighted the far-reaching gains of the government’s commitment to the debt settlement.
“With the 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.”
Shedding more light on this, Olu Arowolo-Verheijen, Special Adviser on Energy to President Tinubu, said,
“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.
“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.
The statement further disclosed that 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 second quarter.
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