Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector - Newstrends
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Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector

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Tinubu approves 25 new cancer treatment machines, FG begins wider cancer-care expansion
President Bola Ahmed Tinubu

Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector

President Bola Ahmed Tinubu has approved a sweeping ₦3.3 trillion power sector bailout aimed at clearing long-standing debts and stabilising Nigeria’s struggling electricity industry.

The intervention, implemented under the Presidential Power Sector Financial Reforms Programme, is designed to resolve liabilities accumulated between February 2015 and March 2025, following a comprehensive verification process.

Presidential spokesman Bayo Onanuga disclosed that the ₦3.3 trillion electricity debt settlement represents a full and final agreement to restore financial stability across the sector. He explained that the debts, largely driven by unpaid invoices, tariff shortfalls, and subsidy obligations, had significantly weakened liquidity in the power value chain.

Implementation of the power sector debt repayment plan has already commenced, with 15 generation companies signing settlement agreements worth about ₦2.3 trillion. The Federal Government has raised ₦501 billion so far to fund the initiative, out of which ₦223 billion has already been disbursed, while additional payments are ongoing.

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The Nigeria electricity sector bailout is expected to inject much-needed cash into the industry, ensuring that gas suppliers receive payments, power plants can sustain operations, and electricity generation becomes more stable. With improved liquidity, officials say the country could begin to see gradual improvements in power supply, reduced grid disruptions, and better service delivery.

Special Adviser on Energy to the President, Olu Arowolo-Verheijen, said the programme is not just about clearing debts but rebuilding trust across the industry. She noted that restoring confidence is critical to attracting investment, maintaining consistent gas supply, and ensuring that power plants operate efficiently.

She further explained that the initiative forms part of broader power sector reforms in Nigeria, including nationwide metering improvements and the introduction of service-based tariffs that align electricity costs with the quality of supply. According to her, the government is also prioritising electricity supply to businesses, industries, and small enterprises, recognising that reliable power is essential for job creation and economic growth.

The Tinubu administration believes the electricity sector stabilisation plan will reduce reliance on generators, lower the cost of doing business, and improve productivity across key sectors of the economy. Analysts say resolving the sector’s liquidity crisis could unlock new investments and strengthen Nigeria’s overall economic performance.

President Tinubu also commended stakeholders for their cooperation in addressing long-standing challenges in the industry and confirmed that the next phase of the reform programme, Series II, will commence within the current quarter. The phase is expected to deepen structural reforms and ensure long-term sustainability of the electricity market.

Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector

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“Not as Corrupt as the World Thinks”: Reno Omokri Defends Nigeria’s Image and Safety

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Citing economic growth and safe public festivals, Reno Omokri urges the nation to tell its own story rather than rely on external perception indexes.

Nigeria is not nearly as corrupt or unsafe as foreign reports claim, according to Reno Omokri, Nigeria’s Ambassador-designate to Mexico. In a television interview on Channels Television, Omokri explained that international assessment groups often misunderstand Nigerian customs because they apply global benchmarks that ignore local traditions.

A central issue, Omokri noted, is how different cultures view appreciation. In Nigerian society, offering a gift to say thank you to an official who provides excellent service is a familiar sign of respect, much like tipping in other parts of the world.

However, international observers often label this practice as corruption. Omokri stated that the country needs to share its own experiences directly with the world rather than allowing outside groups to set a negative narrative.

Omokri also defended the country’s safety record by pointing to Lagos, where the economy has expanded steadily and major cultural events draw massive crowds.

He highlighted the annual holiday season in Lagos, which brings more than one million visitors together peacefully each year. For Omokri, these vibrant events show that everyday life in Nigeria is full of energy, community warmth, and safety.

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‘Jobs Must Not Be Based on Connections’ — Oyintiloye Tells FCC

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Calls for greater transparency in the distribution of federal employment opportunities have intensified, with APC chieftain Olatunbosun Oyintiloye urging the Federal Character Commission to ensure that recruitment is not influenced by powerful individuals.

Oyintiloye, speaking in Osogbo, Osun State, appealed to the commission’s Executive Chairman, Ayo Hulayat Omidiran, to stand firm against intimidation or pressure while carrying out her responsibilities.

According to him, the credibility of federal recruitment depends on giving qualified Nigerians a fair chance, regardless of their background or connections.

He said the FCC should strengthen its oversight of recruitment processes and prevent situations where applicants are disadvantaged through manipulation or other improper practices.

The FCC must adopt a renewed commitment to building a commission where merit, fairness and the principles of federal character guide the management of employment opportunities across the public service” Oyintiloye said.

His appeal comes shortly after Omidiran publicly reiterated that federal government jobs were not for sale and that employment opportunities should be available to Nigerians regardless of social status.

Oyintiloye said the position of the FCC was particularly important because of its constitutional responsibility to promote equitable representation in federal institutions.

He also praised the commission for addressing concerns over fairness in recruitment and allegations of corrupt practices, saying greater openness could help rebuild public confidence.

The APC chieftain further urged the commission to ensure that recruitment opportunities are communicated clearly and that qualified applicants from all parts of the country are given an equitable chance.

He expressed confidence that reforms under Omidiran could strengthen the FCC’s credibility, while encouraging job seekers to rely on legitimate recruitment announcements rather than individuals claiming to have connections within the commission.

The FCC itself has warned Nigerians about people offering supposed shortcuts into federal employment, stressing that it does not sell jobs or select candidates for federal appointments.

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Nwifuru Dismisses Cubana Chief Priest as ‘Attention-Seeker’

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Ebonyi State Governor Francis Nwifuru has hit back at socialite and businessman Paschal Okechukwu, better known as Cubana Chief Priest, after the latter criticised his administration.

The governor dismissed the businessman’s comments while speaking at an event in Abakaliki, saying he had no interest in engaging with him.

I don’t have time for Cubana Chief Priest. He’s a mere attention-seeker and an individual of no consequence” Nwifuru said.

He added, “However, if I remember him, I feel sorry for him.”

The exchange followed comments by Cubana Chief Priest questioning the governor’s performance in office. He reportedly challenged Nwifuru to explain how an administration could spend about three years in office without having major projects commissioned by the President or other state governors.

The remarks had earlier attracted criticism from Chinedu Ogah, the member representing Ikwo/Ezza South Federal Constituency in the House of Representatives.

Ogah condemned Cubana Chief Priest’s comments, defending the governor’s administration.

Nwifuru’s response now adds another layer to the controversy, although the governor did not provide a detailed response to the specific claims made about projects commissioned under his administration.

The disagreement has consequently shifted attention to the broader question of the Ebonyi government’s record on infrastructure and development projects since Nwifuru assumed office.

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