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President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.
The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.
A statement by presidential spokesman, Bayo Onanuga, stated that the long-standing debts accumulated between February 2015 and March 2025.
“Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution,” it stated.
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According to the statement: “Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.
“What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.”
It further added that as the sector stabilises, more investment, more jobs, and better service will follow.
“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”, explained Olu Arowolo-Verheijen, Special Adviser on Energy to President Tinubu.
“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 statement said: “President Tinubu has commended all stakeholders who supported efforts to resolve the legacy issues in the power sector. He has also confirmed that the next phase (Series II) will begin this quarter.”
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, halted its industrial action against Seplat Energy.
The suspension of the industrial action was announced in a notice addressed to members across the union’s branches nationwide.
The development followed the management’s decision to address workers’ welfare concerns and conclude ongoing negotiations on the 2026 Collective Bargaining Agreement.
The union said it arrived at the decision after the intervention of the Nigerian National Petroleum Company Limited.
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“Following constructive and productive engagements between PENGASSAN, Seplat Management, and relevant stakeholders, led by the Executive Vice President, Business Services, NNPCL, on the ongoing 2026 CBA negotiations, we are pleased to inform you that Seplat Management has provided written commitments addressing the demands of the Association,” the notice stated.
The Eastern Updates reports that PENGASSAN had on April 2 crippled operations at Seplat over workers’ welfare.
The Central Bank of Nigeria, CBN, has constituted a high-powered legal team of Senior Advocates of Nigeria, SANs, to challenge the judgment of the Federal High Court in Lagos which nullified its takeover of Union Bank of Nigeria Plc and ordered the reinstatement of the bank’s former board.
The apex bank, in a notice of appeal filed on March 26, 2026, is contesting the March 25 judgment delivered by Justice Chukwujekwu Aneke, which held that the CBN acted beyond its statutory powers in dissolving the bank’s board and management.
The CBN, in its appeal, raised 11 grounds urging the appellate court to set aside the entire decision of the lower court.
