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Tinubu moves to resolve ₦4trn power sector debt, Says Onanuga
President Tinubu audience with Chairmen of Power Generation Companies in Nigeria held at the Presidential Villa Abuja yesterday
•From left: Managing Director, Sahara Group, Kola Adesina; Chairman, Heirs Holdings, Tony Elumelu; Chairman Association of Power Generation Companies, Col. Sani Bello (rtd); President Bola Ahmed Tinubu; Chief of Staff to the President, Femi Gbajabiamila; and president Tinubu audience with Chairmen of Power Generation Companies in Nigeria held at the Presidential Villa Abuja yesterday
Appeals for patience from GENCOs
Okays bond programme, promises transparency in verification process
President Bola Ahmed Tinubu has assured power generation companies (GENCOs) of his administration’s commitment to resolving the over ₦4 trillion in longstanding debts owed to them, pledging transparency and fairness in verifying the claims while appealing for patience.
The President gave this assurance during a high-level meeting with members of the Association of Power Generation Companies, led by retired Colonel Sani Bello, at the Presidential Villa yesterday.
According to a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President acknowledged the gravity of the sector’s liquidity crisis and promised that the federal government would not shirk from its inherited obligations.
“I accept the assets and liabilities of my predecessors, and there is no question about that. But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion,” President Tinubu said.
The President appealed to the GENCOs and their financial backers to give the government time to complete verification and validation of the debts, stating, “we are here. So market it to your other colleagues. Give us time to do verification and validation of the numbers.”
Reaffirming his commitment to a market-led electricity sector, Tinubu emphasised that historical challenges, long left unresolved, are now receiving active attention.
“This is a longstanding issue that is now being dealt with,” he said, referencing the government’s broader reform drive that includes eliminating fuel subsidies and promoting Compressed Natural Gas (CNG) alternatives.
The President also called for restraint from the financial sector regarding asset foreclosures against the GENCOs.
“To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together,” he urged.
In her briefing, the Special Adviser to the President on Energy, Mrs. Olu Verheijen, disclosed that a ₦4 trillion bond programme had received anticipatory approval from the President to tackle the liquidity shortfall in the sector.
However, she cautioned that only verified and legitimate debts would be accommodated.
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“As of April 2025, the total exposure that we are carrying at the moment is ₦4 trillion. This is subject to downward revision pending final validation. Only amounts that the federal government validly owes are the things that will make it into the issuance by the DMO”, Verheijen said.
She attributed the massive debt pile-up to a combination of unfunded tariff shortfalls and market deficiencies that have built up since 2015.
Of the ₦4 trillion claimed by 27 GENCOs, the Nigerian Bulk Electricity Trading Company (NBET) has validated ₦1.8 trillion so far.
Highlighting the administration’s strides in power sector reform, Minister of Power, Chief Adebayo Adelabu, lauded the President for his hands-on approach and leadership.
“Your presence at this meeting is a clear testament to your unwavering commitment to the sustainability, stability, and long-term development of Nigeria’s power sector,” Adelabu said.
He noted that since President Tinubu took office, the administration has signed into law the Electricity Act, 2023—decentralising the power sector—and launched Nigeria’s first Integrated National Electricity Policy in 24 years.
Adelabu said reforms have boosted investor confidence, attracted over $2 billion in new private capital, and improved annual revenue collection by 70 percent—from ₦1 trillion in 2023 to ₦1.7 trillion in 2024—thereby reducing government subsidy obligations by over ₦700 billion.
On capacity expansion, he reported that installed generation capacity has grown from 13,000 MW to 14,000 MW, with a record 5,801 MW peak generation and a maximum daily energy delivery of 120,370 MWh recorded on March 4, 2025.
No grid collapse has occurred in 2025, he added.
He further disclosed progress in narrowing Nigeria’s metering gap through the ₦700 billion Presidential Metering Initiative and the World Bank-backed DISREP, which has so far delivered 300,000 of the 3.45 million smart meters procured.
Despite the reforms, Adelabu warned that the liquidity crisis remains a major threat, saying “Mr. President, given the grave implications of this debt overhang, including the risk of a nationwide shutdown of generation assets, I humbly seek your immediate support for defraying these obligations, even if partially, over a defined period.”
In their separate interventions, leading business figures Tony Elumelu and Kola Adesina echoed calls for urgent relief, citing the dire financial state of GENCOs and the need to unlock gas supply to sustain operations.
“Mr. President, we’ve come to you as a last hope. The generating companies are heavily indebted to banks, and foreclosure threats are real, not because we’re not doing our jobs, but because the system owes us trillions,” Elumelu said.
He commended President Tinubu for restoring stability in oil production and banking, saying, “before you took office in 2023, we lost 97% of our daily oil production. Today, we are retaining 98%. That’s transformation.”
On the energy crisis, Elumelu said “we don’t need power to complete your transformation—we need power to enable it. Power is critical to unlocking Nigeria’s full potential.”
Adesina, for his part, stressed that “liquidity is the oxygen of our business,” warning that generation output could stall without urgent intervention.
He proposed leveraging Nigeria LNG to unlock 800 million cubic feet of gas to boost supply to underperforming power plants, especially those in the Afam axis.
The meeting was attended by key cabinet members and officials, including the Chief of Staff to the President, Femi Gbajabiamila; Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun; Minister of Information and National Orientation, Alhaji Mohammed Idris; as well as regulatory authorities and major power sector stakeholders.
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Tinubu Tasks NIMC on 95% NIN Coverage Before December — Gbajabiamila
President Bola Tinubu has urged the National Identity Management Commission (NIMC) to work towards achieving 95 per cent National Identity Number (NIN) coverage by December 2026.
The President gave the directive at the State House, Abuja, while delivering the keynote address at the 2026 National Identity Day celebration organised by NIMC.
He acknowledged NIMC’s excellent work so far, noting that National Identity Number (NIN) enrolment peaked at about 142 million, up from over 80 million Nigerians captured in the National Identity Database when he assumed office more than three years ago.
President Tinubu was represented at the event by his Chief of Staff, Hon. Femi Gbajabiamila. The event had the theme: “Nigeria’s digital public ecosystem: powering Africa’s digital economy.”
It was attended by the representative of Vice President Kashim Shettima, Senator Ibrahim Hadejia; the Secretary to the Government of the Federation (SGF), Senator George Akume; the Minister of Interior, Dr Olubunmi Tunji-Ojo; and the Minister of Education, Dr Tunji Alausa, amongst others.
President Tinubu said the target should be pursued through expanded ward-level enrolment, mobile registration initiatives and continued deployment of licensed enrolment networks. Government
The President noted that his administration’s vision goes beyond NIN coverage, stating that Nigeria “must build an identity system that is continuously useful, secure and responsive to the needs of Nigerians.”
“We are laying the foundations for a future of integrated digital services, including e-health records, e-transport systems and a more harmonised national data architecture.
“We must do this while protecting the rights, privacy and dignity of our citizens. The digital state must never become a state without accountability.
“Our commitment must therefore remain clear: innovation must be matched by responsibility. Efficiency must be matched by inclusion, security must be matched by trust. And digital transformation must ultimately improve the lives of ordinary Nigerians,” President Tinubu said.
The President, who commended the Director General of NIMC, Engr Abisoye Coker-Odusote, for a job well done over the past three years, called on Nigerians who have not obtained their NIN to do so, saying their NIN represents their connection to a modern Nigerian state.
Tinubu also applauded this year’s National Identity Day theme as very important, saying “Nigeria’s digital ecosystem must power Nigeria’s digital economy–and Nigeria’s digital economy must help power Africa’s.”
The President further said National Identity remains the engine room for the government’s Renewed Hope Agenda, noting that identity transformation is contributing directly to the government’s priorities.
“The NIMC ecosystem has created opportunities for thousands of Nigerians across the country. With more than 173 private companies, 30 state governments and 14 public sector institutions approved as licensed enrolment agents, the identity ecosystem is generating employment for enrolment officers, data professionals, supervisors, technology specialists and other support personnel. This is a digital infrastructure creating real economic opportunity,” he said. NigeriaNews Subscription
Speaking on the significance of national identity to Nigeria’s national security, President Tinubu said the two are linked, describing the connection as indispensable.
“A secure identity system is indispensable to a secure nation. By strengthening identity verification and enabling responsible information sharing across relevant government institutions, we are improving our capacity to combat identity fraud, financial crimes and other threats to national security.
“The ongoing collaboration among institutions, including the Nigeria Police Force, Nigeria Immigration Service, and the Economic and Financial Crimes Commission, demonstrates what is possible when government systems work together,” President Tinubu said. GeographicReference
The Minister of Interior, Dr Olubunmi Tunji- Ojo, also praised the Director General of NIMC for delivering excellent work with little supervision, saying she has shown appreciable leadership.
He said the President expected more from her and her team, adding that Nigerians need wider, easier, and more convenient access to identity services, including for Nigerians in the diaspora.
“We need more in providing a trusted national public key infrastructure and digital public infrastructure that support secure digital identity, authentication and electronic trust services, more in including a stronger foundation for Nigeria’s digital economy, digital governance and long-term national development,” Tunji-Ojo said. GeographicReference
The Director General of NIMC, Abisoye Coker-Odusote, in her remarks, commended President Tinubu and the Minister of Interior for their support, saying it has brought about a total transformation of Nigeria’s identity and existence.
She said, “Our reach tells its own story. Enrolments have grown from less than 100 million to over 142 million Nigerians and legal residents. The engine behind that growth is the ward-to-ward Enrolment Project, undertaken directly under Mr President’s initiative. NigeriaNews Subscription
“This project carried our officers into all 8, 8,809 boards of this Federation and mobilised the National Youth Service Corps members as adult enrolment officers in connection with front-end partners in communities that had never before hosted an enrolment desk.
“Alongside it, we launched the Self- Service Notification Platform, which has already processed close to two million record updates, turning a process that once took weeks in two communities into one that takes 24 to 48 hours directly from a citizen’s phone.”
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Anambra Debt Row: Presidency Questions Obi’s Record as Governor
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The presidential candidate of the Labour Party in the 2023 general election and a leading opposition figure ahead of the 2027 presidential election, Peter Obi.
The presidential candidate of the Nigeria Democratic Congress,
The Presidency has reacted to the ongoing dispute between former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress, Peter Obi, and the state government over the state’s debts and financial liabilities.
Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, in a post on X on Wednesday, said Obi had claimed to have left Anambra without debt and challenged him to follow through on his pledge to quit the presidential race if his claim was disproved.
Bayo Onanuga. US
File: Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga.
Onanuga wrote, “Peter Obi claimed he left Anambra with a clean slate of debt and even threatened to quit the presidential race if his claims were proven otherwise.”
He added that the Anambra State Government had responded with claims concerning liabilities allegedly left by the former governor’s administration.
“Now, the Anambra government has confronted him with facts and figures showing he owed Water Corporation workers, teachers, and pension and gratuities, and had also borrowed for frivolous things,” Onanuga said.
“The ball is back in his court. Will he follow through on his threat by quitting the race?” he asked.
Anambra govt disputes Obi’s ₦2.13bn ecological fund claim
The reaction followed a fresh response by the Anambra State Government to Obi’s Tuesday denial of claims that his administration left behind inherited debts, including a ₦2bn ecological fund, contractor liabilities and unpaid salaries, gratuities and pensions.
Obi had said his administration cleared more than ₦35bn in historical gratuities and arrears and left office without outstanding salary, pension or gratuity obligations.
He also disputed the government’s claim concerning the ecological fund, saying more than ₦2.13bn was left untouched in a First Bank account for the Oko/Umuchiana erosion crisis.
Soludo
File: Governor Charles Soludo of Anambra State
However, in a statement on Wednesday, Anambra State Commissioner for Information and Value Reformation, Law Mefor, disputed Obi’s account, saying the account he identified was an Internally Generated Revenue Consolidated Revenue Account and not an ecological fund account.
Mefor said the government obtained a certified printout of the account and claimed that “from 2011 when the account was opened until date, there has never been any such amount—whether as inflow or balance—in the account.”
Obi had challenged anyone who could establish that his account of the state’s finances was incorrect, saying, “If anybody can establish anything to the contrary, I will stop campaigning.”
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The Great Leap Forward: Tinubu Orders Immediate Funding for Regional Development Commissions
President Bola Tinubu has directed the Secretary to the Government of the Federation, George Akume, to ensure the release of all funds approved for the regional commissions.
Tinubu gave the directive on Monday at the North Central Development Commission Summit, themed “The Great Leap Forward: A 20-Year Economic Infrastructure and Social Development Plan for the North Central Region.”
Akume, who represented the President at the summit, said the creation of regional development commissions was part of the administration’s Renewed Hope Agenda to accelerate development across the country.
“Government will continue to give the NCDC and other Regional Development Commissions the political and financial backing to embark on key projects that will unlock the economic and industrial potentials of the nation.
“I therefore direct the Secretary to the Government of the Federation to ensure that all funds accruable to the Commissions are released as and when due,” he said.
The President, however, said the commissions should not rely solely on government funding, urging them to explore public-private partnerships, donor funding and development financing for transformative projects.
He said the commissions were expected to focus on major projects in rail, air transportation, industrialisation, security, investment, human capital development, education and health.
Tinubu also warned the boards and management of the commissions against corruption, marginalisation, politicisation and misuse of government resources.
“Such actions will not be tolerated, and government will not hesitate to sanction anyone found culpable,” he said.
The President said the regional commissions were not established to replace or duplicate the functions of state and local governments or existing federal institutions.
He said the North Central Development Commission should support efforts to address the security challenges in the region, stressing that development could only take place in a stable environment.
Meanwhile, the Nasarawa State Governor and Chairman of the North Central Governors’ Forum, Abdullahi Sule, said the region possessed the human and natural resources needed to drive economic development.
Sule said the region had demonstrated its capacity in agriculture, mining and industrial production, stressing the need to move from the extraction of raw materials to processing and value addition.
“When you are mining in North Central, you must also process in North Central,” the governor said.
He cited the establishment of a cement factory in Kogi State as an example of how local processing could transform Nigeria’s economy.
The governor said Nasarawa State, which had more than 400 steel licences when he assumed office in 2019, previously had no processing plant despite its mineral resources.
He said the state had since become home to the country’s largest and second-largest lithium processing plants.
“The North Central is the home of Benue cement. The North Central is the home of rice production. The North Central is the home of sesame production. So we have it all. Whatever it is that we are looking for, we have it,” Sule said.
He said what the region needed was leadership capable of developing and implementing long-term plans.
“What do we need more? We need thinkers. We need implementers. We need people who understand what it means to lead,” he said.
Sule also commended the Tinubu administration’s economic reforms, saying the policies had increased revenues available to the federal, state and local governments.
“Today, we are paying salaries without borrowing money from the bank. Even if you hate him, you cannot hate his policies. Even if you disagree with him, you cannot disagree with his policies. And that is the only way we can build,” he said.
Earlier, the Chief Executive Officer of the North Central Development Commission, Cyril Tsenyil said the commission’s role was to coordinate regional development and mobilise resources and partnerships rather than replace the six state governments and the Federal Capital Territory.
He said the commission’s 20-year plan would focus on developing regional economic corridors, processing agricultural and mineral resources, improving infrastructure and creating opportunities for young people.
He said the region should aspire to become one of Africa’s most competitive agricultural regions rather than merely being known as Nigeria’s agricultural hub.
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