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Tinubu seeks time to verify N4tn GENCO debt

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President Bola Tinubu on Friday asked electricity generation companies to grant the Federal Government more time to “do verification and validation of the numbers” on longstanding liabilities the power market says it is owed.

He also gave anticipatory approval for a N4tn bond programme to plug the sector’s liquidity hole.

This followed the President’s meeting with the Association of Power Generation Companies, led by Col. Sani Bello (retd.), at the Aso Rock Presidential Villa, Abuja.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed details of Friday’s talks in a statement titled, ‘President Tinubu meets Chairmen of GENCOs, pledges to resolve longstanding debt claims.’

Nigeria privatised its generation and distribution assets in 2013, but chronic under-recovery of tariffs, unpaid subsidies, gas supply constraints, weak transmission capacity and pervasive energy theft have kept the market cash-strapped.

The Nigerian Bulk Electricity Trading Company routinely pays GENCOs a fraction of their monthly invoices, creating an ever widening arrears book that is then financed with short-term bank debt at double digit interest rates.

The signing of the Electricity Act 2023 by President Tinubu pushed for cost reflective tariffs, metering programmes and transmission upgrades and lifted collections.

However, legacy debts and gas under-supply still threaten generation capacity and fresh investment.

With banks tightening exposure limits, GENCOs warned that foreclosures could cascade through the value chain without an immediate government backed settlement plan.

At Friday’s meeting, President Tinubu acknowledged the historic arrears but insisted payments would be anchored on a transparent audit.

“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,” he stated.

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The President appealed for patience from GENCOs and lenders while government firms engage auditors and lawyers to scrub the claims.

“We are here. So, market it to your other colleagues. Give us time to do verification and validation of the numbers,” he said.

Reiterating his preference for a market-driven power industry, Tinubu said the sector’s “long neglected legacy issues” are finally being addressed.

The President also cautioned banks against pulling the plug on indebted GENCOS.

“This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people.

“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 stated.

Describing electricity as “the most important discovery of humanity in the last 1,000 years,” Tinubu reaffirmed that access to power was fundamental to growth and human dignity.

The Special Adviser to the President on Energy, Olu Verheijen, said the administration was confronting a decade long cash crunch rooted in tariff and market shortfalls.

Verheijen disclosed that, “As of April 2025, the Federal Government is carrying a verified exposure of N4tn in debts to GENCOs, an accumulation dating back to 2015.

“We have since sat with 27 GENCOs—not all of them are here today—and reviewed their PPAs and gas sales agreements to understand the legitimacy of their claims. The GENCOs claimed about N4tn from 2015 to the end of 2023.”

According to her, the Nigerian Bulk Electricity Trading Company has validated N1.8tn of these claims so far.

“Since that period, we have had N200bn in unfunded subsidies that have accumulated the Federal Government’s liability. So, as of April 2025, the total exposure that we are carrying at the moment is N4tn,” she added.

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However, she warned that the figure remained subject to downward revision, pending final validation.

“While there is an anticipatory approval of this N4tn bond programme, it is subject to negotiations and final settlement of agreements. Only the amounts that the Federal Government validly owes are the things that will make it into the issuance by DMO,” Verheijen noted.

The Minister of Power, Adebayo Adelabu, commended President Tinubu for the attention given to the power sector, stating that the administration’s reforms had restored investors’ confidence and improved performance across the electricity value chain.

“Your Excellency, 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. Under your leadership, we have recorded critical milestones in less than two years,” the minister said.

Adelabu said the Tinubu administration signed into law the Electricity Act, 2023, decentralising and liberalising the electricity market.

He noted that the administration had launched Nigeria’s first Integrated National Electricity Policy in 24 years, attracted over $2bn in new private capital, and grown sector annual revenue by 70 per cent—from N1tn in 2023 to N1.7tn in 2024—reducing government subsidy obligations by over N700bn.

Adelabu added that installed generation capacity had grown from 13,000 MW to 14,000 MW, with an all-time peak generation of 5,801 MW and a record maximum daily energy delivery of 120,370 MWh, achieved on March 4, 2025.

According to him, there has been no national grid collapse in 2025, a direct result of interventions under the Presidential Power Initiative, which has added over 700 MW of transmission capacity.

He reported progress in narrowing Nigeria’s metering gap through the N700bn Presidential Metering Initiative (via FAAC) and the World Bank supported DISREP, which has already delivered 300,000 smart meters out of 3.45 million procured.

While acknowledging these strides, Adelabu cautioned that the sector is grappling with an urgent liquidity crisis that could undermine ongoing reforms.

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“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,” he stated.

In separate remarks, business leaders, Tony Elumelu and Kola Adesina, appealed for urgent intervention.

“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 added, “Before you took office in 2023, we lost 97 per cent of our daily oil production. Today, we are retaining 98 per cent. That’s transformation. Investors are seeing greater stability and predictability. We don’t need power to complete your transformation, we need power to enable it. Power is critical to unlocking Nigeria’s full potential. We urge you to help solve this debt problem.”

Adesina also stressed liquidity and gas supply: “Liquidity is the oxygen of our business. Without urgent intervention, generation capacity will stall, and Nigeria’s industrial and economic ambitions will be jeopardised.

“The plants in the Afam axis are underperforming because we have not paid gas suppliers. We propose unlocking 800 million cubic feet of gas through NLNG to boost supply to these power plants.”

Friday’s meeting was attended by the President’s Chief of Staff, Femi Gbajabiamila; Coordinating Minister of the Economy and Finance Minister Wale Edun; Minister of Information Mohammed Idris; and other senior officials, regulators and stakeholders — underscoring the political and financial weight now being thrown at the sector’s decade-old debt gridlock.

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State Police Update: National Assembly collates reports from 30 state assemblies

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The National Assembly has commenced collation of reports from state Houses of Assembly on the proposed establishment of state police, with the Senate Leader, Opeyemi Bamidele, saying the constitutional requirement for the reform had been met.

Bamidele disclosed this on Thursday while delivering a lecture to participants of Senior Executive Course 48 at the National Institute for Policy and Strategic Studies, Kuru, Plateau State.

He said at least 30 state legislatures had approved the State Police Constitution Alteration Bill, 2026, surpassing the constitutional requirement of two-thirds of the 36 State Houses of Assembly.

According to him, the National Assembly will collate the reports, consider the positions of the state legislatures and pass a resolution by a simple majority in both chambers before transmitting the bill to President Bola Tinubu for assent.

The Senate Leader, who is also Vice Chairman of the Senate Committee on the Review of the 1999 Constitution, said the National Assembly intended to complete the remaining legislative processes by December 2026.

He said, “We are pleased to inform our constituents across the federation that state police has moved from rhetoric to reality. We have already received formal reports from the state Houses of Assembly and, as of today, no fewer than 30 states have approved the State Police Constitution Alteration Bill, 2026.

“By the provision of Section 9(2) of the 1999 Constitution (as amended), which requires the concurrence of not less than two-thirds of all state Houses of Assembly, the constitutional requirement for the alteration has been duly met. This is a historic milestone in our collective quest to re-engineer our security architecture and make it more responsive, more local, and more effective.

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“What happens next is procedural, but critical. The National Assembly is now constitutionally obligated to consider the reports transmitted by the state Houses of Assembly, collate those reports, and pass a resolution by simple majority of members in both chambers. Once this resolution is passed, the Alteration Bill will be transmitted to the President and Commander-in-Chief for assent.

“We have set a clear timeline for ourselves. We intend to conclude all these legislative stages — consideration of reports, passage of resolution, and transmission for presidential assent — on or before December 2026,” the Senate Leader emphasised.

The proposed state police system is part of wider efforts to decentralise Nigeria’s security architecture amid persistent killings, kidnappings and other violent crimes across the country.

Under the existing policing structure, the Nigeria Police Force operates primarily as a centrally administered institution.

Proponents of state police argue that allowing states to establish their own police services would improve local intelligence gathering, response times and accountability.

However, concerns have been raised about the potential abuse of state police by governors and other political office holders, particularly against political opponents.

Bamidele said the proposed reform would operate within constitutional safeguards, oversight mechanisms and human rights protections.

He described the development as a significant breakthrough after more than 15 years of unsuccessful attempts to establish state police through constitutional reform.

“What this means is that state police is no longer a campaign promise or a subject of endless debate. It is now a constitutional reality. It means that the security of lives, private property and public assets occupies a prime place in the legislative agenda of the 10th National Assembly,” he said.

Bamidele said the proposed system would enable states to develop policing structures better suited to their local conditions.

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He added that the reform was not intended to weaken the Federal Government but to strengthen Nigeria’s federal system by making security more responsive to local communities.

According to him, the objective was not to create state armies but state-led, community-anchored policing arrangements operating under clearly defined constitutional and operational standards.

The Ekiti lawmaker also credited the leadership of the Senate President, Godswill Akpabio, with supporting the reform, assuring Nigerians that the National Assembly would see the process through.

He said the National Assembly, under the leadership of Akpabio, “remains committed to delivering on the establishment of state police. We will not falter until every Nigerian, whether in Kuru, in Iyin-Ekiti, in Gusau or in Yenagoa, can sleep with both eyes closed.”

Beyond state police, Bamidele said the 10th National Assembly had prioritised legislation intended to address citizens’ welfare, economic development and institutional reforms.

He argued that the performance of the legislature should be assessed by the practical effects of its laws and interventions rather than the number of bills passed.

Bamidele listed the Student Loans (Access to Higher Education) Act, 2024; the Minimum Wage (Amendment) Act, 2024; the four Tax Reform Acts of 2025; and the National Social Investment Programme Act among the measures passed by the current Assembly.

The Senate Leader also cited the Electoral Act, 2026, the Cybercrimes (Amendment) Act, the Investments and Securities Act, 2025, the Nigerian Insurance Industry Reform Act, 2024, and the Regional Development Commissions Acts.

He said the laws reflected a deliberate effort to use legislation to anticipate emerging challenges, strengthen public institutions and improve governance.

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Bamidele said the impact of proactive lawmaking extended to national security, economic transformation, public financial management, electoral credibility, education, healthcare, technological innovation, environmental sustainability and relations among the different tiers of government.

On the relationship between the National Assembly and NIPSS, he called for stronger institutional collaboration to improve legislative foresight and policy development.

He maintained that the passage of laws alone was insufficient to guarantee good governance, stressing the need for effective implementation, funding and monitoring.

The senator said good laws must be relevant to citizens’ needs and capable of producing measurable improvements in their lives.

He, thus, observed that good governance “requires good laws. But good laws alone do not guarantee good governance.

“We require laws that are relevant, evidence-based, implementable, adequately funded, properly administered, effectively monitored, periodically reviewed and ultimately measured by their impact on citizens,” Bamidele stated.

Source: punchng.com

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FG pumps N5tn into military operations, read details

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The Federal Government has disbursed N5.15tn in special intervention funds to the Nigerian military and related security agencies between November 2023 and September 2026, amid persistent insecurity, including terrorism, banditry, kidnapping and other violent crimes across the country.

An analysis by The PUNCH of documents from the Federation Account Allocation Committee, obtained on Thursday, revealed that the government received N5.65tn into a dedicated special intervention account over the period, out of which N5.15tn had been disbursed, representing 91.15 per cent of the total funds.

The records showed that the intervention was financed through allocations from the Federation Account and other government revenue sources, including non-oil revenue and funds transferred from a FAAC withholding account.

The document, titled ‘Ledger of Special Intervention Programme for Nigerian Military September, 2026”, was prepared by the Federation Account Department of the Office of the Accountant-General of the Federation and formed part of the records presented to the Technical Sub-Committee of FAAC at its meeting in Abuja on October 14, 2026.

According to the ledger, the N5.15tn was released through 30 payment transactions between November 8, 2023, and September 23, 2026, while the total receipts were recorded across 33 funding transactions.

The disbursements were separate from the regular annual budgetary allocations to the Ministry of Defence and other security institutions, indicating the scale of additional financial resources channelled towards security operations.

However, the records did not provide a breakdown of the specific military operations, equipment purchases, personnel costs or security projects financed with the money.

A breakdown of the transactions showed that the intervention programme commenced with a N100bn transfer on October 19, 2023, described as the September 2023 allocation.

The first payment of N100bn was made to the military on November 8, 2023, while another N100bn was received on November 20, 2023, and subsequently disbursed on December 20.

By the end of December 2023, the account had received N300bn and disbursed N300bn, leaving no outstanding balance.

The funding arrangement continued throughout 2024, with regular transfers of N100bn and corresponding payments to military and paramilitary agencies.

Between January and December 2024, the account received N1.2tn and disbursed the same amount, bringing cumulative receipts and payments to N1.5tn.

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The transactions were largely recorded as monthly allocations under the special intervention programme, although the payment dates did not always correspond with the months for which the funds were allocated.

For instance, the January 2024 allocation was transferred on February 27, while the corresponding payment was made on March 1.

Similarly, the ledger showed that the programme entered a second phase in July 2024, beginning with a N100bn transfer on July 27.

The second phase continued into 2025, with the government maintaining the N100bn monthly funding pattern.

During the first nine months of 2025, the account received N900bn and disbursed N900bn, bringing cumulative payments to N2.4tn by September 1, 2025.

An analysis of the transactions, therefore, showed that N2.4tn was disbursed between November 2023 and September 2025, before the government significantly increased the scale of the intervention in 2026.

The records indicated that the funding arrangement changed considerably in 2026, with individual transfers rising from the previous N100bn monthly pattern to between N200bn and N500bn.

On March 18, 2026, the government transferred N200bn from the FAAC Withheld Account, described in the ledger as savings for March 2026.

The amount was followed by a N100bn payment to security agencies on March 16, although the payment preceded the recorded transfer by two days.

Another N250bn was transferred from non-oil revenue on May 18, 2026, while N130bn was paid to security agencies from the FAAC Withheld Account on May 25.

The ledger also recorded a N120bn payment to the Consolidated Pool Account II TSA on June 3, 2026.

This particular transaction differed from the other payments because it was not expressly described as a transfer to military or paramilitary agencies.

On June 16, 2026, the government transferred N400bn from non-oil revenue for May, which was reversed the same day.

The reversal was followed by a fresh transfer of N500bn from non-oil revenue, indicating that the earlier transaction was cancelled and replaced.

The same day, N500bn was paid to military and paramilitary agencies, marking one of the largest individual disbursements recorded under the programme.

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Another N500bn was transferred from non-oil revenue on July 15, followed by a corresponding payment to military and paramilitary agencies on July 22.

The pattern continued in August, when N500bn was transferred on August 19 and paid out on the same date.

On September 16, another N500bn was transferred from non-oil revenue, while the corresponding payment was recorded on September 23.

The final entry in the ledger showed a further N500bn transfer from non-oil revenue on October 14, 2026, described as the September 2026 allocation.

Although the ledger was titled September 2026, the inclusion of the October 14 transaction indicated that its financial position incorporated the latest transfer recorded at the FAAC technical meeting.

The figures showed that the intervention account received N3.25tn in 2026 up to October 14, compared with N1.2tn throughout 2024.

This represented an increase of about 170.83 per cent over the entire amount received in 2024, despite the 2026 records covering only part of the year.

Payments recorded in 2026 amounted to N2.75tn, compared with N1.2tn in 2024, representing an increase of approximately 129.17 per cent.

The N2.75tn disbursed in 2026 also accounted for 53.40 per cent of the N5.15tn paid out under the programme since its commencement.

The analysis further showed that the government disbursed more under the special intervention programme in 2026 than the combined N2.4tn released between November 2023 and September 2025.

It also revealed that the programme had an outstanding balance of N500bn as of October 14, 2026, representing 8.85 per cent of the total N5.65tn received.

The balance arose after the latest N500bn transfer was recorded without a corresponding payment in the ledger.

Consequently, the outstanding amount represented funds available in the intervention account rather than money already disbursed to security agencies.

Despite the significant increase in funding, the country continues to grapple with security challenges across several regions.

In the North-East, the military has continued operations against Boko Haram and the Islamic State West Africa Province, while banditry and mass kidnappings remain major security concerns in parts of the North-West and North-Central regions.

Communities in several states have also experienced attacks by armed groups, resulting in deaths, displacement and disruption of farming and other economic activities.

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The security challenges have placed pressure on government finances, as authorities continue to allocate substantial resources to military operations, intelligence gathering, logistics and the protection of vulnerable communities.

FG reviews strategy

Ina related development, the Federal Government has begun a review of the 2019 National Security Strategy to develop a new framework that addresses emerging threats, including terrorism, banditry, kidnapping, cybercrime, food insecurity and climate change.

The National Security Adviser, Nuhu Ribadu, disclosed this on Thursday during the inauguration of a committee to review the existing strategy and formulate the National Security Strategy 2026.

Ribadu, who was represented by Major General Sarkin Bello (retd.), said Nigeria’s security environment had changed significantly since the last review in 2019, requiring a comprehensive reassessment of the country’s security priorities.

“Our national security landscape is undergoing rapid and profound transformations. Since the last review of our strategy in 2019, the domestic, regional and global security environments have changed dramatically, with intensity,” he said.

He noted that the country was confronted with multiple security challenges that required a broader strategic response.

“As you are aware, these problems range from terrorism, banditry and kidnapping to sophisticated cyber threats, misinformation, economic problems, food insecurity and environmental challenges, among others,” Ribadu said.

He said the new strategy would serve as a framework for coordinating national security, resilience and sustainable development, adding that it must reflect current realities while anticipating future threats.

Also, the Deputy Chairman of the committee, Major General Evi Onumajuru (retd.), said the changing nature of security threats made a strategic realignment imperative.

He said traditional security challenges, including terrorism, insurgency and banditry, had become intertwined with non-kinetic threats such as cybercrime, economic vulnerabilities, food insecurity and climate change.

He added that the strategy must integrate the priorities of the Renewed Hope Agenda by linking economic prosperity and good governance with human security and national defence.

Source: punchng.com

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10 things to know about applying for 2027 SAN rank

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The Legal Practitioners’ Privileges Committee has invited applications for the 2027 award of the rank of Senior Advocate of Nigeria, with private legal practitioners required to pay a non-refundable processing fee of N5m and government-employed lawyers N2.5m.

The committee said the application portal would open on November 1, 2026, directing all candidates to complete the application process online and comply with its document submission requirements and deadlines.

PUNCH Online had reported Wednesday that Legal Practitioners’ Privileges Committee invited applications for the 2027 conferment of the rank of Senior Advocate of Nigeria.

Here are 10 things prospective applicants need to know about the exercise.

1. Applications open on November 11

The LPPC said its application portal would open to the public at 12am on November 1, 2026.

Applications are to be processed through its official portal, www.lppconline.com.

2. Private legal practitioners will pay N5m

The committee fixed the non-refundable processing fee for private legal practitioners at N5m.

3. Government-employed lawyers will pay N2.5m

Legal practitioners employed by the government are required to pay a non-refundable fee of N2.5m.

4. Payment must be made into designated bank accounts

Applicants are required to pay directly into either of the committee’s designated accounts:

– Zenith Bank: 1014103141

– Guaranty Trust Bank: 0213662834

5. Proof of payment must be uploaded

Candidates must upload evidence of payment to the online portal for verification.

According to the notice, the LPPC Secretariat will send a confirmation email after verification, allowing applicants to continue with the process.

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6. All supporting documents must be uploaded online

Applicants seeking the rank through advocacy or academia must upload clear and legible scanned copies of all mandatory and supporting documents through the portal.

7. Academic applicants have additional requirements

Candidates applying through the academic category must submit seven physical photocopies each of their curriculum vitae and impact statement, in addition to the required flash drives.

8. Every applicant must submit five flash drives

The committee directed all applicants to provide five flash drives containing copies of their completed application forms downloaded from the portal and all mandatory and supporting documents uploaded during the application process.

9. Online applications close on January 31, 2027

The deadline for completing online applications is midnight on January 31, 2027. Applicants are advised to complete their submissions before the deadline to avoid technical or procedural complications.

10. Flash drives must arrive by February 1, 2027

The five flash drives must be delivered to the LPPC Secretariat before 4pm on February 1, 2027.

The committee warned that applications that do not comply with its guidelines or are submitted after the prescribed deadlines will be rejected and treated as non-submissions.

The notice was signed by the Chief Registrar of the Supreme Court of Nigeria and Secretary of the LPPC, Kabir Eniola Akanbi.

Applicants seeking clarification may contact the secretariat through lppcsecretariat@courts.gov.ng.

Source: punchng.com

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