Tinubu Approves ₦3.3 Trillion for Nigeria's Electricity Supply

President Bola Ahmed Tinubu has approved a comprehensive ₦3.3 trillion debt settlement plan designed to enhance electricity supply in Nigeria. This decision follows a final review of legacy liabilities that have burdened the power sector for decades, with debts accumulating from February 2015 to March 2025.

The settlement agreement, as confirmed by a statement from the presidential spokesperson, is already in progress, with 15 power generation companies signing agreements valued at ₦2.3 trillion. The federal government has raised ₦501 billion to kick-start this process, with ₦223 billion already disbursed.

The initiative is expected to have a direct positive impact on electricity supply across the country, stabilizing generation capacity and improving reliability for homes and businesses. Arowolo Verheijen, a special adviser to the president on energy, noted that this initiative is part of a broader reform program that includes improvements in metering and service-based tariffs.

The next phase of the program, known as Series II, is set to commence later in the quarter.