In a bid to guarantee a stable electricity supply, President Bola Tinubu has approved a 3.3 trillion naira payment plan to settle debts in the power sector.
The approval comes as electricity consumers reel under outages arising from load shedding triggered by a sharp decline in power generation, largely due to gas supply shortages that have constrained output from thermal plants.
The debt repayment plan followed the final review of legacy debts that have bedevilled the power sector for more than a decade.
In a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the government said the 3.3 trillion naira resolution followed a comprehensive review of legacy obligations accumulated between February 2015 and March 2025.
It said the figure had been agreed upon as a full and final settlement, ensuring a fair and transparent resolution.

 

‎