President Bola Tinubu has approved a N3.3 trillion payment plan to settle longstanding debts in Nigeria’s power sector.
This move is expected to stabilize electricity generation and improve service delivery. The debts, accumulated between February 2015 and March 2025, will be paid in phases to ensure transparency and accountability.
.The payment plan includes N1.3 trillion for power-generating companies and $1.3 billion for gas suppliers. The government aims to restore confidence in the power sector, ensure gas suppliers are paid, and power plants keep running.
This initiative is part of broader reforms to strengthen the industry, including better metering and service-based tariffs.
The government prioritizes power supply to businesses, industries, and small enterprises, recognizing reliable electricity’s role in creating jobs and growing the economy. The goal is to provide more reliable power for homes and stronger support for businesses.
