Power Reset: Tinubu’s ₦3.3tr Shock Plan Targets 24/7 Electricity Revival

President Bola Ahmed Tinubu has approved a sweeping ₦3.3 trillion payment plan aimed at resolving long-standing debts crippling Nigeria’s power sector, in a decisive move to restore reliable electricity across the country.

The intervention falls under the Presidential Power Sector Financial Reforms Programme, following a comprehensive review of legacy debts accumulated between February 2015 and March 2025.

After verification, the Federal Government agreed on ₦3.3 trillion as full and final settlement—marking what officials describe as a transparent and fair resolution of liabilities that have plagued the sector for over a decade.

Implementation is already underway, with 15 power generation companies signing settlement agreements worth ₦2.3 trillion. The government has raised ₦501 billion to kick-start the process, with ₦223 billion already disbursed and additional payments in progress.

According to Olu Arowolo-Verheijen, the initiative goes beyond debt clearance, targeting a full-scale reset of the power value chain.

“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector—ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she stated.

Further details obtained by this online newspaper indicate that the reforms are tied to broader measures, including improved metering systems and service-based tariffs designed to align electricity costs with quality of supply.

The administration is also prioritising electricity delivery to businesses, industries, and small enterprises, recognising stable power as critical to job creation and economic growth.

President Tinubu commended stakeholders for their role in resolving the sector’s deep-rooted challenges and confirmed that the next phase of the programme—Series II—will commence later this quarter.