President Bola Tinubu has approved a N3.3 trillion payment plan to settle outstanding debts in the power sector, aimed at restoring reliable electricity supply in the country.
The debt repayment plan, part of the Presidential Power Sector Financial Reforms Programme, follows the final review of legacy debts accumulated between February 2015 and March 2025.
According to a statement by Bayo Onanuga, Special Adviser to the President (Information and Strategy), implementation has begun, with 15 power plants signing settlement agreements totalling N2.3 trillion.
The Federal Government has raised N501 billion to fund these payments, with N223 billion already disbursed.
Earlier, the Special Adviser on Energy to President Tinubu, Olu Arowolo-Verheijen, said the programme is aimed at restoring confidence in the power sector and ensuring reliable electricity supply.
The government expects improved electricity reliability, increased investment, job creation, and better service delivery as the sector stabilises.
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