President Bola Ahmed Tinubu has officially approved a N3.3 trillion settlement plan to clear "legacy debts" in Nigeria's power sector.
This move is designed to address the persistent liquidity crisis that has resulted in nationwide load shedding and frequent power outages.
The debt, accumulated between February 2015 and March 2025, has long hindered the ability of thermal plants to procure gas.
According to a statement from the President’s Special Adviser on Information and Strategy, Bayo Onanuga, implementation is already underway, with 15 power plants reportedly signing onto the settlement.
While the government aims to restore investor confidence, some industry leaders have raised questions. Dr. Joy Ogaji, CEO of the Association of Power Generation Companies (APGC), noted that the previously reconciled debt stood at N4 trillion, creating a discrepancy with the newly announced N3.3 trillion figure.
"This programme is not just about settling legacy debts. It is about restoring confidence across the power sector, ensuring gas suppliers are paid, and the system begins to work more reliably," said Olu Arowolo-Verheijen, Special Adviser on Energy.
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