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Tinubu approves ₦3.3trn payment plan to restore reliable power

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6 months ago

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President Bola Ahmed Tinubu has approved a ₦3.3 trillion payment plan to clear long-standing debts in Nigeria’s power sector, a move aimed at improving electricity supply and boosting investor confidence.

The announcement was made in a statement by presidential spokesperson Bayo Onanuga, who said the decision followed a review of legacy debts accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme. “Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution,” the statement said.

According to the government, implementation is already underway. Fifteen power generation companies have signed settlement agreements worth ₦2.3 trillion, while ₦501 billion has been raised so far, with ₦223 billion already disbursed.

The Special Adviser on Energy to the President, Olu Arowolo-Verheijen, said the initiative is intended to stabilise the entire power value chain. “This programme is not just about settling legacy debts. It is about restoring confidence across the power sector, ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.

She added that the plan forms part of broader reforms, including improved metering systems and service-based tariffs. “It is part of a broader set of reforms already underway, including better metering and service-based tariffs that link what you pay to the quality of electricity you receive,” she said.

The government also stated that priority would be given to businesses and industries, emphasising the role of reliable electricity in economic growth and job creation. “The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” Arowolo-Verheijen added.

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Officials say clearing the debt backlog will improve liquidity in the sector, leading to more stable electricity generation and better service delivery. The presidency confirmed that the next phase of the programme, known as Series II, is expected to begin within the current quarter.

Nigeria’s power sector has long struggled with low generation capacity, frequent grid collapses, and widespread outages. A 2024 report by Standard Bank estimated that the country loses around $26 billion annually due to electricity shortages, with businesses spending an additional $22 billion on alternative power sources such as generators.

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Public officers are stealing Nigeria’s money every minute – EFCC boss

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5 hours ago

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September 26, 2026

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says public officers steal funds every minute.

Olukoyede spoke in Abuja on Thursday at the 80th birthday celebration of former Attorney-General of the Federation, Kanu Agabi.

He stated that the anti-graft agency receives over 20,000 corruption petitions every year, describing the scale of the theft detailed in many cases as shocking.

“I receive over 20,000 petitions in a year in respect to public corruption, all terrible. What is going on? Like every minute, public officers take money, and if you go through some of our case files you will weep.

“The way people take national resources and Nigerians are victims of these fraudulent activities. And we must come together for once in our lifetime and say no to the activities of some of our leaders,” Olukoyede said.

The EFCC boss noted that some public officers assume office with less than ₦100,000 in their accounts, but within three years, the agency traces millions of dollars to them.

He added that some individuals acquire hundreds of houses while in office, warning that corruption is crippling the nation.

Olukoyede stressed that public officers must be held accountable for their time in office, emphasizing that transparency must remain the guiding standard in public service.

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VIDEO: Police identify officer in viral video saying Obi can never be President

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5 hours ago

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September 26, 2026

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The Lagos State Police Command has arrested an officer who appeared in a viral video making inappropriate remarks about Peter Obi and Igbo people while travelling on public transport.

The officer who has been identified as INSP. Osumah Frank, was filmed saying Obi or any Igbo person can never become President of Nigeria.

In a statement released today September 25, the command’s spokesperson, SP Abimbola said the command has commenced appropriate disciplinary action against the officer in line with established regulations of the Nigeria Police Force.

Abimbola stated that the statements made by the officer were made in his personal capacity and do not represent the position, views or official disposition of the Lagos State Police Command or the Nigeria Police Force.

She added that the State Commissioner of Police, CP Tijani Fatai, has reiterated the position of the command that all its personnel are expected to maintain professionalism, civility, discipline and respect for members of the public at all times. She further reaffirmed that wearing the Police uniform comes with a responsibility to uphold the dignity and integrity of the Force, and that the Command will not condone any conduct capable of bringing the Force into disrepute or undermining public confidence in the Police.

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Court rejects suit seeking fresh police investigation into late singer Mohbad’s death

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5 hours ago

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September 26, 2026

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The Federal High Court in Abuja has dismissed a suit seeking to compel the Nigeria Police Force to conduct a fresh investigation into the death of Nigerian singer Ilerioluwa Aloba, popularly known as Mohbad.

Justice James Omotosho dismissed the case filed by the Registered Trustees of Break the Silence Foundation in a judgment delivered on Thursday, ruling that the foundation lacked the legal capacity to institute the suit.

The judge also described the application as speculative and lacking sufficient merit, noting that the foundation failed to produce the original police investigation report to support its claim that the earlier investigation was inadequate.

Justice Omotosho further cautioned lawyers handling ongoing cases against discussing matters before the court during media interviews or on social media, describing such conduct as professional misconduct.

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