Tinubu Approves Fresh ₦3.3trn to Clear Electricity Generation Companies’ Debts

According to a report by The Sun on Thursday 12 November 2026; President Bola Tinubu has approved an additional ₦3.3 trillion to settle verified legacy debts owed to electricity generation companies (GenCos) as part of efforts to address the persistent liquidity crisis in Nigeria’s power sector.

The Minister of Power, Joseph Tegbe, disclosed this while speaking at the 6th Annual Conference and Workshop of the Power Correspondents Association of Nigeria (PCAN) in Abuja.

Tegbe, who was represented by the Special Adviser to the Minister on Administration and Project, Martins Olajide, said the government had already raised ₦1.23 trillion under the debt settlement programme.

He explained that the intervention was aimed at easing financial pressure on electricity generation companies, improving their capacity to pay for gas supplies and ensuring regular maintenance of their power plants.

The minister also revealed that more than 2.8 million electricity customers had been metered under the Presidential Metering Initiative (PMI) to reduce revenue collection losses in the sector.

According to him, the government has also recorded progress in electricity transmission, noting that more than 15,000 megavolt-amperes (MVA) of additional transmission capacity had been added to the national grid between 2023 and October 2026.

He further disclosed that newly installed substation equipment had recently been commissioned across several locations, including Kumbotoso, Dankata, Mashi, Dan-Agundi, Apapa, Ijora, Ikeja, Biliri and Walalambe, adding more than 1,300MVA to the country’s transmission capacity.

Tegbe said the improvements had increased the amount of electricity available to distribution companies for onward supply to households and businesses.

On the persistent destruction of electricity infrastructure, the minister said Tinubu had approved a coordinated anti-vandalism campaign involving relevant security agencies.

He explained that the initiative would be supported by stronger legal measures to protect critical power infrastructure, prevent sabotage and ensure that offenders are held accountable.

The minister added that the government had developed a four-pronged roadmap to address the challenges confronting the sector; The strategy focuses on grid stabilisation, financial sustainability, asset optimisation, and the expansion and improvement of transmission infrastructure.

He identified Lagos-Ogun, Benin-Enugu-Port Harcourt and Abuja-Kaduna-Kano as major energy corridors that would receive attention under the plan.

Meanwhile, PCAN Chairman, Obas Esiedesa, raised concerns over the decline in electricity generation in recent months, attributing part of the problem to reduced water inflows into hydroelectric power stations and gas supply constraints affecting thermal plants.

He urged the government, regulators, generation companies and gas suppliers to strengthen collaboration to ensure a more reliable electricity supply across the country.

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