Connect with us

News

Tinubu Okays ₦3.3tn Repayment Plan To Stabilise Power Supply

Published

on

Spread the love

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

The development was disclosed in a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

According to the statement, the approval followed a final review of legacy debts accumulated under the Presidential Power Sector Financial Reforms Programme over 10 years, spanning February 2015 to March 2025.

“Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution,” the statement partly read.

The government noted that implementation of the repayment plan has already commenced, with 15 power generation companies signing settlement agreements valued at ₦2.3 trillion.

It added that the Federal Government had so far raised ₦501 billion to fund the initiative, out of which ₦223 billion had already been disbursed, while further payments are ongoing.

 

‘Restoring Confidence’

“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 formed part of the sector reforms, including improved metering and the introduction of 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.

“The government is also prioritising power supply to businesses, industries, and small enterprises because reliable electricity is critical to creating jobs, supporting livelihoods, and growing the economy.

“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” she added.

 

 

The presidency stated that the settlement of the debts was expected to enhance liquidity across the power value chain, leading to more stable electricity generation and improved service delivery.

President Tinubu also commended stakeholders for their roles in resolving the long-standing issues and confirmed that the next phase of the programme, known as Series II, will commence within the current quarter.

Nigeria’s fragile power supply has been marked by frequent grid collapses, low generation levels, and persistent outages affecting homes and businesses.

A 2024 report by Africa Trade Barometer disclosed that Nigeria loses an estimated $26 billion yearly to power failures.

It said businesses spend about $22 billion annually on off-grid fuel to offset the impact of power shortages. This further pushes operational costs.

“Economic losses arising from Nigeria’s electricity shortages are estimated to be USD 26 billion annually, without accounting for spending on fuel for off-grid generators, which is estimated to be a further USD 22 billion,” the report by Standard Bank said.

“In Nigeria, surveyed businesses must contend with a national grid that frequently collapses as it fails to meet a daily peak demand which is nearly four times its generation capacity,” it added.

News

Vardy Reveals Former Teammates, Ndidi And Iheanacho Use Juju Cream

Published

on

Spread the love

 

Former Leicester City striker Jamie Vardy has shared an amusing anecdote about the unique injury treatment preferred by his Nigerian ex-teammates, Kelechi Iheanacho and Wilfred Ndidi.

 

Iheanacho and Ndidi became integral members of the Foxes squad after joining in 2017, playing a crucial role in the club’s historic 2021 FA Cup victory.

The duo shared a strong bond with Vardy during their time at the King Power Stadium, often engaging in light-hearted banter with their teammates.

Vardy, a Leicester City legend after 13 years with the club, departed last summer for Serie A side Cremonese. Iheanacho and Ndidi have also since moved on from the Foxes.

Speaking on a recent podcast, Vardy recounted how the Super Eagles stars had a peculiar remedy for minor injuries.

He explained that Iheanacho and Ndidi would insist on using a special “juju cream” brought back from Nigeria, refusing any other oils or balms offered by the club’s medical staff.

“They used to get injured, just little knocks, then they’d go back to Nigeria for one day literally, come back, and then they’ve got a nice big tub of juju cream,” Vardy said.

“That was the only thing that the masseuses were allowed to massage on the injured areas. They used to tell us that they used to get it from a Nigerian witch doctor.”

While Vardy’s story adds a humorous, if slightly controversial, layer to the players’ time at the club, the “juju cream” was likely part of a running joke.

Ndidi later clarified on social media that the substance was simply local shea butter, known as ‘ori’ in Nigeria.

Continue Reading

News

Ondo Gov’s Loyalists Drag APC To Court Over NASS Primary Results

Published

on

Spread the love

 

Some aspirants loyal to Ondo State Governor Lucky Aiyedatiwa, who failed to secure the All Progressives Congress (APC) tickets in the recently concluded National Assembly primaries, have approached the court to challenge the outcome of the exercise.

 

The aggrieved aspirants are challenging the APC National Working Committee (NWC) and the Independent National Electoral Commission (INEC) over the results of the primaries and the list of candidates submitted by the party to the electoral body.

Report quoted sources within the party as saying the aspirants decided to seek judicial redress after expressing dissatisfaction with the outcome of the primaries.

The aspirants have reportedly engaged the services of the law firm of Remi Olatubora, SAN, to challenge the outcome of the exercise, the report also mentioned.

Those involved include Gbenga Elegbeleye (Ondo North Senatorial District), Dr Taiwo Fasoranti (Ondo Central Senatorial District), Leke Akingboye (Ilaje/Ese-Odo Federal Constituency), Rasaq Obe (Idanre/Ifedore Federal Constituency), Kayode Ijalana (Owo/Ose Federal Constituency), Oyerinmade Matthew (Ile-Oluji/Okeigbo/Odigbo Federal Constituency), and Olumuyiwa Daramola (Okitipupa/Irele Federal Constituency).

The legal action has reportedly generated concerns among some party stakeholders, who fear it could affect the APC’s preparations ahead of the 2027 general elections.

Continue Reading

News

Falana Declares FG’s House Gifts To Judges Illegal

Published

on

Spread the love

 

Human rights lawyer, Femi Falana, SAN, has slammed the Federal Government over its gifts of houses to judges.

 

Speaking at the Housing TV Africa on Thursday, Falana demanded the provision of the law that stipulated such a gesture.

He charged the Federal Government to also build houses for university professors and other civil and public servants, noting that what is good for the goose is equally good for the gander.

“”We have got to a stage in the country where we have to challenge the special privileges given to the rich and top public officers in the country.

“I was very sad when I saw that the Federal Government was handing over the keys of houses to judges, and I asked myself, ‘Under what law are we operating?’ Because it’s discriminatory and illegal.

“You treat everyone equally in our country. So you can’t take out judges. Judges are entitled to accommodation by the way. They must live comfortably and we’ll secured.

“But, other citizens must be equally provided for. If you don’t do it, you can be challenged, and that is going to happen very soon because what is good for the goose is good for the gander,” he said.

Continue Reading

Trending

Copyright © 2026 TheColumn NG