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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.
Security presence surged around the Federal High Court in Kaduna on Tuesday as operatives from multiple agencies were deployed ahead of the arraignment of former Kaduna State Governor, Nasir El-Rufai, over alleged corruption-related offences.
By about 7:00 a.m., heavily armed personnel of the Department of State Services, Nigeria Police Force, Mobile Police Force, and Nigeria Security and Civil Defence Corps had taken positions at strategic locations leading to the court complex situated within the old Nigerian Defence Academy area.
Access roads to the venue witnessed restrictions, forcing vehicles into a single lane from the Ungwan Sarki axis through Kawo and triggering early morning gridlock.
The heavy security followed a prior notice by the Independent Corrupt Practices and Other Related Offences Commission that it would arraign El-Rufai on Tuesday, March 24, 2026, before the Federal High Court sitting in Kaduna.
In a statement issued by its Head of Media and Public Communications, John Odey, the commission said the former governor would be docked alongside one Joel Adoga in suit number FHC/KD/73/2026.
The agency explained that the charges against the defendants include alleged conversion, unlawful possession of public property, and money laundering.
“The Independent Corrupt Practices and Other Related Offences Commission is set to arraign the former Governor of Kaduna State, Malam Nasir El-Rufa’i, and one Joel Adoga at the Federal High Court of Nigeria in the Kaduna Judicial Division on Tuesday, March 24, 2026. The charges range from conversion of and possession of public property to money laundering,” the statement read.
It further disclosed that another case, marked KDH/KAD/ICPC/01/26, had been instituted against El-Rufai and one Amadu Sule before a Kaduna State High Court.
According to the commission, the state charges border on abuse of office, fraud, intent to commit fraud, and conferring undue advantage.
“Similarly, another charge against Malam Nasir El-Rufa’i and one Amadu Sule has been filed before a Kaduna State High Court in the Kaduna Judicial Division. The charges range from abuse of office and fraud to intent to commit fraud and conferring undue advantage, among others,” the statement added.
The ICPC said both cases were filed on March 18, 2026, adding that a date for arraignment in the state court would be announced later.
It also insisted that El-Rufai had been properly served, stressing its adherence to due process and the rule of law.
The development came amid growing pressure from stakeholders, including the African Democratic Congress, which called for his immediate release or arraignment, describing his continued detention without formal charges as unconstitutional.
In the same vein, the Muslim Rights Concern criticised his prolonged detention, while members of his family also alleged a breach of his fundamental rights.
El-Rufai was first arrested by the Economic and Financial Crimes Commission on February 16, 2026, granted bail two days later, and subsequently re-arrested by the ICPC.
He has remained in the custody of the anti-graft agency since then, pending his arraignment.
Senator Ifeanyi Araraume, a prominent chieftain of the All Progressives Congress (APC), has extended warm felicitations to Muslims in Nigeria and across the globe on the joyous occasion of Eid-el-Fitr.
In a statement to mark the end of Ramadan, Araraume highlighted the significance of the month long period of spiritual reflection, fasting, and devotion. “As Muslims gather with loved ones to share in the festivities, I join in the cheer, wishing everyone a blessed and peaceful Eid,” he said.
The Senator expressed profound appreciation to Muslim Nigerians for their contributions to the nation’s growth, describing their faith, resilience, and patriotism as beacons of hope. “Your unwavering commitment to Nigeria’s progress is truly commendable,” he stated.
As the country navigates its current challenges, Araraume called for unity, understanding, and collective effort. “Let us embrace the spirit of Eid, forgiveness, generosity, and kindness, to build a brighter future for ourselves and generations to come,” he urged.
Araraume also extended solidarity to President Bola Tinubu, a distinguished Muslim and the leader of APC, praising his visionary leadership and dedication to nation building. “President Tinubu’s commitment to serving Nigeria has been exemplary, and we assure him of our continued support,” he said.
Reaffirming the APC’s commitment to national prosperity, Araraume emphasized that the values of compassion, unity, and progress embodied by Eid align deeply with the party’s ethos. “As we mark this occasion, we reaffirm our dedication to creating a Nigeria where faith and ethnic background are not barriers to success,” he concluded.
President Bola Tinubu is currently meeting with United Kingdom Prime Minister Keir Starmer in a high-level bilateral engagement aimed at strengthening ties between Nigeria and Britain.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Monday, said the meeting will culminate in the signing of various Memoranda of Understanding and agreements, including those on trade, investment, defence, and cultural cooperation.
The statement said the meeting reinforces Nigeria’s commitment to deepening bilateral relations, attracting foreign investment, and modernising key infrastructure to support economic growth.
It added that a major highlight of the visit was the signing of a £746 million financing agreement between UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance.
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The statement said the deal will fund the refurbishment of two key maritime infrastructures — the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex.
The President and the First Lady had earlier been the guests of their Majesties King Charles III and Queen Camilla at Windsor Castle.
Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.
Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.
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