Tinubu Approves N9bn for Power Sector Debt Settlement

President Bola Ahmed Tinubu has approved a payment plan to settle outstanding debts in Nigeria's power sector, with the Rural Electrification Agency (REA) disbursing N9 billion as part of this initiative. This payment plan is a component of the Presidential Power Sector Financial Reform Program, which aims to address legacy debts that have plagued the sector since February 2015.

The total debt to be settled is approximately N3.3 trillion, with the government having already raised N501 billion for these payments. A total of 15 power plants have signed settlement agreements amounting to N2.3 trillion.

Special Adviser on Media and Strategy, Bayo Onanuga, emphasized that this program will stabilize the power value chain, improve electricity reliability, and support job creation. Minister of Power Adebayo Adelabu assured that the government is committed to implementing concrete measures to ensure sustainable electricity supply for homes and businesses, while also restoring public trust in the administration's reform agenda.