President Bola Ahmed Tinubu has permitted a N3.3 trillion cost plan aimed toward clearing long-standing money owed in Nigeria’s energy sector and bettering electrical energy provide.
The approval was disclosed in a State Home press launch issued by presidential spokesman Bayo Onanuga on Sunday. The plan follows a last evaluation of legacy money owed collected between February 2015 and March 2025, with the Federal Authorities confirming ₦3.3 trillion because the agreed full and last settlement.
In keeping with the assertion, implementation of the plan is already underway, with 15 energy crops signing settlement agreements value ₦2.3 trillion. The federal government has raised ₦501 billion to fund the initiative, out of which ₦223 billion has been disbursed, whereas additional funds are ongoing.
The assertion famous that the intervention is predicted to strengthen electrical energy technology and enhance reliability throughout the sector, as funds start to achieve key gamers throughout the energy worth chain.
Explaining the broader impression of the programme, Olu Arowolo-Verheijen, Particular Adviser on Power to the President, mentioned:
“This programme is not only about settling legacy money owed. It’s about restoring confidence throughout the ability sector guaranteeing fuel suppliers are paid, energy crops can maintain working, and the system begins to work extra reliably,
“It’s a part of a broader set of reforms already underway — together with higher metering and service-based tariffs that hyperlink what you pay to the standard of electrical energy you obtain.
“The federal government can be prioritising energy provide to companies, industries, and small enterprises — as a result of dependable electrical energy is crucial to creating jobs, supporting livelihoods, and rising the financial system.
“The objective is easy: extra dependable energy for properties, stronger help for companies, and a system that works higher for all Nigerians,” she added.
President Tinubu additionally counseled stakeholders concerned in addressing the sector’s long-standing challenges and confirmed that the following part of the programme, Collection II, will begin throughout the present quarter.
The Federal Authorities mentioned the initiative kinds a part of ongoing reforms to stabilise the ability sector, appeal to funding, and improve service supply nationwide.
Ademide Adebayo
Times Nigeria