Tinubu Approves N3.3 Trillion Debt Settlement To Boost Nigeria’s Power Supply

President Bola Ahmed Tinubu has authorized a N3.3 trillion payment plan to resolve outstanding debts within Nigeria’s power sector, aiming to enhance electricity supply. The plan, finalized after a review of debts from February 2015 to March 2025, represents a full and final settlement. Implementation has begun, with 15 power plants already signing agreements totaling ₦2.3 trillion, and ₦223 billion of the ₦501 billion raised has been disbursed.

According to Special Adviser on Energy, Olu Arowolo-Verheijen, the initiative aims to restore confidence in the power sector by ensuring payments to gas suppliers and power plants, leading to more reliable electricity generation. This debt settlement is part of broader reforms, including improved metering and service-based tariffs.

The government is prioritizing power supply to businesses and industries, recognizing its importance for job creation and economic growth. President Tinubu praised stakeholders for their efforts and announced that the second phase of the program, Series II, will begin within the current quarter, as part of ongoing efforts to stabilize the sector and attract investment.

(Source：Arise News)