News
Tinubu Okays ₦3.3tn Repayment Plan To Stabilise Power Supply
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.
As the world celebrate this year’s World Environment Day today,the Ogun State Waste Management Authority OGWAMA as urged residents of the States to keep their environment clean and stop indiscriminate dumping of waste in public places and imbibe proper waste disposal.
Special Adviser to the Governor and Managing Director of the Ogun State Management Authority OGWAMA, Honorable Farouk Akintunde stated this in a statement to mark the 2026 World Environment Day.
He said indiscriminate dumping of waste in public and unauthorized places breeds untidy, unhealthy environment which are inimical to public safety and retard economic growth of the society.
Akintunde also advised them to imbibe proper waste disposal by patronizing Waste PSP assigned to their immediate community for proper waste disposal for just a token instead of them to use the cover of the night to dump them in discriminately on the median,roadsides and public places which he says deface the aesthetic beauty of the State.
“Ogun state residents are known as clean and fun-loving people.We should not allow few of us to dent our pride through their untoward attitudes and behaviors,so when we see them dumping indiscriminately in our environment we should say something”
“We will on our part continue to do our best in terms of proper waste management through sensitization and advocacy as we urge all residents to containerize their waste for easy collection by government accredited PSP”
”For industries domiciled in the state, let me remind them of the need to allow government accredited PSP assigned to them to perform their statutory duties instead of patronizing illegal PSP which will attract sanction when they are caught by our enforcement team as OGWAMA will not allow them to turn the state to dumpsites for illegal industrial waste some of which are not environmentally friendly” Akintunde added.
He did not forget to remind all residents of the State that Ogun State Waste Management Authority will step-up it enforcement activities in all nooks and crannies of the state to maintain a clean,safe and healthy environment .
June 5th, Transfermarkt updated. The new market values of Barcelona players. Three players increased and nine decreased, with Raphinha dropping by 10 million to 70 million euros.
Increase (Euros)
Joan-Garcia increased by 5 million to 45 million
Eric-Garcia increased by 5 million to 40 million
Gerard-Martin increased by 10 million to 35 million
Decrease (Euros)
Raphinha decreased by 10 million to 70 million
Kounde decreased by 5 million to 60 million
Balde decreased by 5 million to 50 million
De Jong decreased by 10 million to 35 million
Casado decreased by 2 million to 18 million
Christensen decreased by 1 million to 8 million
Cancelo decreased by 1 million to 8 million
Lewandowski decreased by 1 million to 7 million
Szczesny decreased by 100,000 to 800,000
Unchanged (Euros)
Yamal 200 million
Pedri 150 million
Fermin 100 million
Cubarsi 80 million
Olmo 60 million
Ferran Torres 50 million
Rashford 40 million
Gavi 30 million
Bernal 30 million
Araujo 20 million
Bardghji 15 million
Singer Niniola Apata has opened up about her late husband, Michael Ndika, and the central role he played in her music career and personal life.
Speaking in a video at a gathering held in his honour, Niniola recounted how their relationship shaped her growth as an artist and as a person.
Ndika, CEO of African music platform NaijaReview, died on May 19, 2026 at 44.
She said he was her strongest supporter from day one even when she considered stepping away from music, he pushed her to continue.
According to her, Ndika believed in her talent and vowed to make her a star.
Niniola described their bond as inseparable, stressing how he was part of her daily routine and her main source of emotional support. Since his death, she said, her life has changed completely.
She thanked his family for embracing her and admitted that coping with the loss has been hard.
Reflecting on their marriage, she called it a love story.
She said Ndika gave her everything and lived for her and while she was the face and voice of her brand, he was the engine behind it.
She said: “My story with Michael is a love story. Michael did everything for me. Everything was for me, he was breathing for me. He loved me, I loved him so much. And I learned so much from Michael. But Michael met me raw, and he said, I’ll make you a superstar.’ And he did. I was just the face and the voice, but Michael was the engine.
“Even when I decided to, you know, give music a break, he didn’t let it. The first person I saw in the morning was Michael. And the last person who closed my eyes at night was Michael. So now what do I do? Tell me, what do I do? Michael was the best thing, the best person that ever happened to me.”
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