Group hails Tinubu for N3.3trn power sector revival initiative

Hope Alive Initiatives, HAI, a pro good governance civil society organization, has applauded President Bola Ahmed Tinubu for approving about N3.3 trillion for the payment of gas debt owed to the electricity generation companies (GENCOS)

President Tinubu had approved a payment plan to settle the ₦3.3 trillion outstanding debt in the power sector under the presidential power sector financial reforms programme with the aim of stabilizing the power grid and improve electricity supply from the GenCos to the distribution companies and eventually for use of Nigerians.

HAI in a statement made available to newsmen in Abuja on Friday by its Director of Press and Communications, Ernest Omoarelojie hailed the initiative by the President, describing the approval as a bold step towards reviving the country’s power sector.

The group also noted that the move by the President demonstrates a strong leadership presence, signaling the administration’s commitment to stabilizing the electricity industry and driving economic growth.

According to the group, Nigeria’s power sector has struggled for decades under the weight of mounting debts, operational inefficiencies, and low investor confidence-factors it noted, limited the sector’s ability to deliver reliable electricity to homes and businesses.

It added that clearing the debt burden would restore confidence among electricity generation and distribution companies, attract fresh investments and improve service delivery nationwide.