Breaking: Tinubu Approves N3.3trn Payment Plan For Electricity, Details Emerge
- President Bola Ahmed Tinubu has approved a debt repayment plan to address Nigeria's ongoing electricity crisis
- Tinubu explained that the reforms aim to enhance power reliability and support economic growth for businesses and households
- Olu Arowolo-Verheijen, Special Adviser on Energy, said Tinubu's government prioritises fair tariffs and improved metering for better electricity services
Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
FCT, Abuja - President Bola Ahmed Tinubu has approved the payment plan to tackle the electricity crisis in the country.
The payment is to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.
Source: Facebook
Presidential spokesman, Bayo Onanuga, explained that the debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.
Onanuga made this known in a statement issued on Sunday, April 5, 2026, via his X handle @aonanuga1956.
Olu Arowolo-Verheijen, Special Adviser on Energy to President Tinubu, explained that ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.
Arowolo-Verheijen disclosed that the long-standing debts were accumulated between February 2015 and March 2025.
According to Arowolo-Verheijen, implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion.
She further stated that Tinubu's government has raised ₦501 billion to fund these payments. And N223 billion has already been disbursed, with further payments underway.
“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 also confirmed that the next phase (Series II) will begin this quarter while appreciating all stakeholders who supported efforts to resolve the legacy issues in the power sector.
Source: Twitter
Tinubu's govt pays N71bn of N1.92trn power debt
Recall that the President Tinubu-led federal government paid only 3.7 per cent of its N1.92 trillion subsidy debt to GenCos in 2025.
It was gathered that the delayed payments affected gas supply and electricity generation, causing poor electricity supply.
Power-generating companies lost N36.03 billion to stranded electricity due to transmission constraints.
FG, GenCos disagree over electricity debt figure
Meanwhile, Legit.ng earlier reported that the FG revised debts owed to GenCos after a reconciliation, but the figure is still lower than the widely cited N6.3 trillion.
GenCos insist no recent joint reconciliation has taken place and demand transparency on how the figures were calculated.
The disagreement highlights ongoing financial challenges in the power sector, including legacy debts and the need for clearer accounting.
Source: Legit.ng
