Nigeria's Power Minister Unveils ₦3.3 Trillion Plan

The Nigerian Government has approved a ₦3.3 trillion intervention plan to settle verified legacy debts owed to electricity generation companies, with ₦1.23 trillion already raised. Minister of Power Joseph Tegbe announced this initiative during the 6th Annual Conference of the Power Correspondents Association of Nigeria in Abuja.

The plan is part of a comprehensive roadmap to deliver more reliable and affordable electricity, supporting President Bola Tinubu's goal of building a one-trillion-dollar economy by 2030. The intervention aims to ease financial pressures on electricity operators, enhancing their ability to pay for gas and maintain power plants.

More than 2.8 million electricity customers have been metered under the Presidential Metering Initiative, and over 15,000 megavolt-amperes (MVA) of transmission capacity has been added to the national grid since 2023. The Rural Electrification Agency has connected various institutions to solar power, and a new National Grid Control Centre is being constructed in Osogbo.

Tegbe outlined four strategic pillars for the power sector roadmap, focusing on grid stabilization, sector liquidity, asset optimization, and grid expansion.