President Bola Tinubu has approved a 3.3 trillion Naira plan to fix major financial problems in Nigeria’s power sector and improve electricity supply across the country.
The plan focuses on clearing long-standing debts that have affected how electricity companies operate. These debts built up over several years and made it difficult for power companies to generate and distribute electricity effectively.
According to officials, the government carried out a detailed review before agreeing on 3.3 trillion Naira as the final amount needed to settle the debts. The move aims to bring stability and restore trust in the sector.
So far, progress has started. About 15 power generation companies have agreed to the settlement, covering over 2 trillion Naira.The government has already raised part of the funds and begun payments, showing commitment to the reform.
Experts say this step will improve the entire electricity system. With better funding, power companies can run more smoothly, which should lead to more stable and reliable electricity for homes and businesses.
Speaking on the development, the President’s Special Adviser on Energy, Olu Arowolo Verheijen, explained that the plan is not just about paying debts. But also ensure gas suppliers are paid and power plants continue to operate without disruption.
She added that the reform includes better electricity metering and fair pricing based on the level of service customers receive.
The government also plans to give priority to industries, businesses, and small enterprises, as steady electricity is key to economic growth and job creation.
The president praised stakeholders for their support and confirmed that the next phase of the programme will begin soon.
Authorities say the goal is clear, to provide stable electricity, support businesses, and build a power sector that works better for all Nigerians.
