President Bola Tinubu has approved a ₦3.3 trillion payment plan to clear long-standing debts in Nigeria’s power sector, the Presidency confirmed on Sunday, April 5, 2026.
The decision follows a final review of obligations under the Presidential Power Sector Financial Reforms Programme, aimed at stabilizing electricity generation and encouraging investor confidence.
The debts, accrued between February 2015 and March 2025, were verified and the settlement approved as a full and final resolution.
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Officials say the payments will reach the entire power value chain, enabling power plants to receive overdue support, improve electricity reliability, and reduce outages across the country.
The programme is expected to stimulate investment, create jobs, and strengthen service delivery throughout the Nigerian economy.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, described the settlement as part of broader reforms to ensure efficiency and long-term sustainability in the sector.
President Tinubu also praised stakeholders who contributed to resolving the sector’s financial challenges and indicated that the next phase of reforms, tagged Series II, will begin later this year.