US EditionNigeria: Tinubu Approves N3.3trn to Tackle Electricity Crisis
The plan follows verification of decade-old liabilities and includes N501 billion already raised, with 15 power plants signing settlement agreements.
- President Bola Tinubu announced a plan on Sunday to settle power sector legacy debt accumulated over more than a full decade.
- Following criticism from Labour Party candidate Peter Obi on Thursday regarding the persistent power crisis, the government reduced the companies' claims to N3.3 trillion.
- Implementation has begun with 15 power plants signing settlement agreements totaling N2.3 trillion, while the Federal Government has raised N501 billion for payments, with N223 billion already disbursed.
- The Association of Power Generation Companies opposed the payment plan, as Chief Officer Joy Ogaji questioned whether the government's process was conducted unilaterally rather than through a bilateral agreement.
- Special adviser Olu Arowolo-Verheijen noted that the initiative forms part of broader reforms, explaining that the program aims to restore sector confidence and improve electricity reliability.
30 Articles
30 Articles
EXPLAINER: What You Need To Know About N3.3tn Power Sector Plan
The Federal Government has approved a plan to settle longstanding debts owed across Nigeria’s power sector, in what officials describe as a critical step toward stabilising the country’s fragile electricity value chain. The announcement, conveyed in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, followed what authorities called a “final review” of legacy liabilities that have plagued the sector for…
Tinubu Approves N3.3t Payment Plan To Restore Reliable Electricity
(AFRICAN EXAMINER) – President Bola Tinubu has approved N3.3 trillion payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme. Special Adviser to the President, Information and Strategy. Mr. Bayo Onanuga in a press release issued on Sunday said the debt repayment plan followed the final review of the […] The post Tinubu Approves N3.3t Payment Plan To Restore Reliable Electricity first …
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