Tinubu approves ₦3.3tr plan to clear power sector debts
President Bola Tinubu has approved a ₦3.3 trillion payment plan to settle long standing debts in Nigeria’s power sector. The move targets obligations owed to power generation companies and gas suppliers that have piled up for more than a decade. According to statements from the presidency, the debts cover legacy obligations accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme. Following verification and reconciliation, ₦3.3 trillion was agreed as the full and final settlement amount. The intervention is expected to ease the liquidity crisis in the electricity market, improve cash flow to GenCos and gas companies, and enable more reliable generation. Many gas fired plants have been running far below capacity or shut down due to unpaid gas invoices and tariff shortfalls. Officials say the payment plan will be implemented in phases, combining direct […]
