Power Minister Tegbe Secures N1.23trn for Sector Debt Relief

The Power Ministry, under Minister Joseph Olasunkanmi Tegbe, has successfully raised approximately N1.23 trillion to address the power sector's debt, which is estimated at N3.3 trillion. During a media session in Abuja, Tegbe emphasized the importance of improving liquidity in the power sector, as financial weaknesses can adversely affect the entire value chain.

He noted that interventions along the Ikorodu-Sagamu industrial corridor have mitigated energy theft and revenue losses of about N120 billion annually. The Ministry has installed around 350,000 meters in the first 100 days, with total installations reaching 1,004,260 by August 2026.

The resolution of the AMMON litigation has allowed for the procurement of 1.4 million smart meters. Additionally, the 375MW Alaoji open-cycle power plant has been restored to the national grid after being offline for three years.

Recent network interventions have unlocked an additional 912MW of transmission capacity, with generation peaking at 5,330MW in August and September.