Connect with us

News

Tinubu approves ₦3.3trn payment plan to restore reliable power

Published

on

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.

See also  PHOTOS: Osun hospital detains newborn, over mother’s N700k debt

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.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

11th Senate to consider six-year single term for president, governors – Lawmaker

Published

on

Senate Leader, Opeyemi Bamidele, has disclosed plans to sponsor a bill seeking to introduce a single six-year tenure for presidents and governors after the 2027 general elections.

Bamidele said the proposed legislation would be among the first bills he intends to introduce when the next Senate is inaugurated, arguing that it would enable elected leaders to focus on governance rather than re-election campaigns.

Speaking during an interview with reporters in his office on Tuesday, the lawmaker said the current two-term arrangement often compels officeholders to devote a significant portion of their first term to political calculations and preparations for re-election.

“One of the first set of bills that I look forward to moving, by God’s grace, when we come back for the 11th Senate, God willing, is for a bill that will only make it possible for anyone who wants to be president of this country, or governor in any part of this country, to spend only one term of six years,” he said.

According to him, a single tenure would eliminate distractions associated with seeking a second term.

“So that you don’t even have to worry about wasting almost one and a half years of your first term thinking and struggling and looking forward to how you’ll be re-elected,” Bamidele said.

“If you know you are there for six years, only one tenure, you put in your best from day one. You know this is the only chance that you have.”

The Senate Leader acknowledged that the proposal may not enjoy universal support but maintained that lawmakers have a responsibility to initiate reforms they believe would strengthen governance.

See also  INEC unveils AI-powered virtual assistant ahead of Anambra gov election

“That’s my opinion. It doesn’t mean everybody will agree with me. But it also does not mean that I am prevented from doing that because that has not been the law,” he said.

Bamidele stressed that laws are meant to evolve in response to changing realities and public needs.

“The essence of law, the essence of parliament, is that laws are like human beings; they grow,” he added.

The proposal, if formally introduced and passed by the National Assembly, would require constitutional amendments before it can take effect.

Continue Reading

News

Ibadan visitation: Nobody can stop me from going anywhere in Nigeria – Sheikh Gumi

Published

on

Popular Islamic cleric, Sheikh Gumi Ahmad, has broken his silence on his visitation to Ibadan late last year, amidst outrage that he was trying to Islamise Oyo State with some Northern ideologies and tenets.

Gumi stressed that nobody can stop him from visiting anywhere in the country, while maintaining that he was not invited by any Muslim group or individual in the South-West.

In a post on his Facebook page on Tuesday, he said he was in Ibadan as a representative of northern Islamic scholars.

He made this known barely a day after one of the victims of the abduction in the Oriire Local Government Area of Oyo State dismissed claims that their abductors demanded the implementation of Sharia law in the state as part of the conditions for releasing the victims.

PUNCH Online reports that the principal of Community High School, Esiele, Oyo State, Mrs Rachael Alamu, while speaking from captivity in a now-viral video, said the gunmen said they never demanded the introduction of Sharia law or a N1 billion ransom as reported in some quarters, but rather for the release of their associates currently in the custody of Nigerian authorities.

Also, the Muslim Rights Concern rejected the alleged demand for Sharia in a statement issued on Monday, describing the report as “a lie from the pit of Jahannam (hell)”.

MURIC argued that the so-called demand was inserted by enemies of Islam in the negotiation team to tarnish the image of Islam.

However, aligning with the Islamic group’s position, Gumi wrote, “I quite understand now how Islamophobia is shaping politics in SW (South-West) and why I was unnecessarily dragged into their dirty local politics.

See also  Tears Flow As Lt. Samson Haruna Who Was Allegedly K!lled By His Wife Is Finally Buried

“I was in Ibadan, not by the invitation of any SW Muslim individual or group, but as a representative of the Coalition of Northern Muslim Ulama.

“Can anybody stop me from going anywhere in Nigeria?”

Recall that Gumi visited Ibadan on Wednesday, November 19, 2025, where he served as a special guest and speaker at the Southern Nigerian Ulama Summit.

The event took place at the University of Ibadan.

During his visit, he also attended a courtesy session alongside other prominent Southern and Northern Muslim scholars.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

News

Troops rescue six kidnap victims after clash with terrorists in Borno

Published

on

Troops of Operation Hadin Kai have rescued six kidnap victims following a confrontation with terrorists along the Delwa–Komala road in Borno State.

The incident occurred at about 17:58 hours on June 6, 2026 when troops at Forward Operating Base Molai received intelligence that armed terrorists had intercepted and abducted civilians travelling along the route.

Troops were immediately mobilised on a fighting patrol to the location and reportedly made contact with the terrorists upon arrival in the general area.

According to the sources, the armed group abandoned the victims and fled into nearby bushes following the troops’ approach.

The victims were successfully rescued unharmed and comprised four adult males, one adult female and one minor.

They were said to have been secured and moved to a safer location for further assessment and necessary documentation.

The military noted that the general security situation in the theatre remains calm but unpredictable, adding that troops continue to maintain aggressive patrols and clearance operations across vulnerable areas.

It further stated that troops’ morale and operational effectiveness remain satisfactory as operations continue to deny terrorists freedom of action within the North-East theatre.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

See also  PHOTOS: Ag. IGP OLATUNJI DISU ASSUMES DUTY AS THE 23RD INDIGENOUS INSPECTOR-GENERAL OF POLICE
Continue Reading

Trending