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Tinubu Approves N3.3trn Payment Plan To Facilitate Steady Power Supply

BY CHIKA OKEKE, Abuja
President Bola Tinubu 

Worried by the deteriorating electricity distribution, President Bola Tinubu has approved ₦3.3 trillion payment plan to facilitate steady power supply across the country. 

The fund is expected to offset the outstanding debts under the Presidential Power Sector Financial Reforms Programme. 

It followed the final review of the legacy debts that have beset the power sector for more than a decade.

The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion was agreed as a full and final settlement, ensuring a fair and transparent resolution.

Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. 

Already, the Federal Government has raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.

With payments reaching the power value chain, generation will be more stable, electricity supply to Nigerians will improve, as the Federal Government supports power plants. 

This is even as the sector stabilises, ans translates to more investment,  jobs, and better service. 

Special Adviser to President Tinubu on Energy, Olu Arowolo-Verheijen said: "This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably. 

"It is part of a broader set of reforms already underway — including better metering and service-based tariffs that link what you pay to the quality of electricity you receive.

"The government is also prioritising power supply to businesses, industries, and small enterprises — because reliable electricity is critical to creating jobs, supporting livelihoods, and growing the economy.

"The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians."

President Tinubu has commended all stakeholders who supported efforts to resolve the legacy issues in the power sector. He has also confirmed that the next phase (Series II) will begin this quarter.

This was contained in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga in Abuja. 
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