President Bola Tinubu has approved a N3.3 trillion payment plan to settle longstanding debts in Nigeria’s power sector under the Presidential Power Sector Financial Reforms Programme. The approval was disclosed in a statement signed by the President’s spokesperson, Bayo Onanuga, on Sunday.

The move follows a final review of legacy debts that have plagued the sector for over a decade and is expected to stabilise electricity generation and improve service delivery. The debts, which accumulated between February 2015 and March 2025, were verified before arriving at the agreed settlement figure.

The statement stated that implementation has already commenced, with several stakeholders in the power value chain beginning to receive payments.