TINUBU INTERVENES IN POWER SECTOR DEBT TO AVERT GRID COLLAPSE
Meanwhile, President Bola Tinubu is set to personally engage leaders of Nigeria’s power-generating companies in an emergency effort to address the staggering N4 trillion debt threatening the nation’s electricity grid. This move follows a high-level meeting between Power Minister Adebayo Adelabu and the GenCos, where it was agreed that part of the debt—particularly the N2 trillion owed for 2024 electricity supply—must be paid in cash, while the balance, including N1.9 trillion in legacy arrears, will be addressed via promissory notes over six months.
Adelabu described the situation as a national emergency, emphasizing the federal government’s resolve to stabilize the power sector and restore investor confidence. GenCos, led by Col. Sani Bello (rtd), warned that failure to act could lead to a total system collapse.
