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 cash payments with financial instruments and possible offsets against taxes or other obligations owed by the companies. The aim is to clear the backlog without causing excessive immediate pressure on government finances.
Presidency sources add that the debt settlement is part of a broader package of reforms, including tightening market discipline, improving billing and collections, and reviewing tariffs to reflect actual costs while protecting vulnerable consumers. The government hopes the move will restore investor confidence and attract new funding into generation and grid infrastructure.
The decision comes amid widespread load shedding blamed on gas constraints and plant outages across the country. Authorities say that once GenCos and gas suppliers are paid and contractual obligations are reset, Nigerians should gradually see more stable electricity supply, though improvements may not be immediate.
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