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N4trn Debt: FG, GenCos Agree Payment Framework

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GenCos

By Adedapo Adesanya

The federal government and the electricity generation companies (GenCos) have finalised plans for the implementation of a N4 trillion Presidential Power Sector Debt Reduction Plan.

According to a statement from the Office of the Special Adviser to the President on Energy on Tuesday, the Nigerian government has taken a major step toward paying the N4 trillion debt that will restore financial stability and investor confidence in the electricity market.

This will be done with the finalization of the implementation framework for the Presidential Power Sector Debt Reduction Plan, an initiative approved by President Bola Tinubu to address structural bottlenecks and lay the groundwork for large-scale private sector-led investment and sustained economic growth.

The statement disclosed that on October 7 2025, in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the Minister of Power, Mr Bayo Adelabu, and the Special Adviser to the President on Energy, Mrs Olu Verheijen, met with senior executives of Nigeria’s electricity generation companies (GenCos) to review settlement modalities for the outstanding debt.

The meeting concluded with a consensus on the way forward, which includes conducting bilateral negotiations to finalize full and final settlement agreements that balance fiscal realities with the financial constraints of the GenCos.

Approved by President Tinubu and endorsed by the Federal Executive Council (FEC) in August 2025, the plan authorizes the issuance of up to N4 trillion in government-backed bonds to settle verified arrears owed to generation companies and gas suppliers.

The plan is being jointly implemented by the Ministry of Finance, the Ministry of Power, and the Office of the Special Adviser to the President on Energy, in collaboration with the Nigerian Bulk Electricity Trading (NBET) Plc and other key stakeholders.

This intervention, the largest in over a decade, addresses a legacy debt overhang that has constrained investment, weakened utility balance sheets, and hindered reliable power delivery across the country.

“For the first time in years, we are seeing a credible and systematic effort by government to tackle the root liquidity challenges in the power sector,” said Mr Tony Elumelu, Chairman of Heirs Holdings and Transcorp Power.

“We commend President Tinubu and his economic team for this bold and transformative step.”

On his part, Mr Kola Adesina, Group Managing Director of Sahara Group, added that, “This initiative is significant in every respect. It gives us renewed confidence in the reform process and a clear signal that the government is serious about building a sustainable power sector.”

The government noted that beyond clearing arrears, the debt reduction plan signals a strategic reset of Nigeria’s electricity market.

“By restoring the financial health of power companies, it will enable new investment in generation capacity, modernize grid infrastructure, and deliver more reliable electricity to homes and businesses, creating a stronger foundation for industrialization, job creation, and inclusive economic growth,” the statement added.

Adding her input, Mrs Verheijen said, “Our focus is on creating the right conditions for investment, from modernizing the grid and improving distribution to scaling embedded generation,”

“By closing metering gaps, aligning tariffs with efficient costs, improving subsidy targeting to support the poor and vulnerable, and restoring regulatory trust, we are shifting from crisis response to sustained delivery and building the confidence needed to attract large-scale private capital,” she added.

“These reforms go beyond liquidity,” said Mr Edun, adding that, “They are about rebuilding the fundamentals so that Nigeria’s power sector works for investors, for citizens, and for the next generation. This is how we create the enabling conditions for sustained private investment and transform reliable power into a catalyst for economic growth.”

The statement added that complementary efforts to scale renewable energy, leverage domestic gas as a transition fuel, and build local technical and institutional capacity will position Nigeria not just for energy security, but for energy sovereignty, creating one of Africa’s most attractive power markets.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Pastor Ogbueli’s Abuja Night of Glory Holds Today

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Abuja Night of Glory

By Blaise Udunze

Momentum is gathering for the Abuja Night of Glory taking place today, Friday, December 5, 2025, at the main bowl of the Moshood Abiola National Stadium.

The crusade is being hosted by Dominion City Church headed by Pastor David Ogbueli and it starts by 7pm.

The all-night programme will feature dynamic worship leaders like Nathanial Bassey, Dunsin Oyekan, Theophilus Sunday, Chioma Jesus, Kaestrings, Sunmisola Agbebi Okeleye, Minister GUC, Ebuka Songs, Anthony Kani, and DC Angels.

Reputed as a teacher of righteousness and anointed minister of the gospel, evidenced by the miracles that have trailed his ministry, and one who champions the cause of the poor through empowerment initiatives, Dr. David Ogbueli will be joined by renowned ministers from within and outside Nigeria, including Evangelist Andres Bisonni, Dr. Charles Ndifon, Evangelist Dan Scott, Apostle Ikechukwu Nnajiofor, and several others.

Night of Glory has, in previous editions held across Nigeria’s cities, recorded remarkable results, such as immediate healings and freedom from chronic ailments, recovery of vision and movement after many years of paralysis, along with liberation from dependencies and emotional distress. Numerous participants have also shared testimonies of breakthroughs and big personal changes after the experience. Organisers state that this year’s event, in Abuja, is anticipated to exceed previous editions.

The event is intended for all individuals trusting God for divine intervention in any area of life.

Understanding the role of faith in the destiny of individuals and nations, a dedicated prayer session for Nigeria will take place during the crusade to tackle some of the current challenges being faced in the country and also to uplift he leaders and institutions before God.

Attendance is free, and registration is encouraged via the QR codes on event banners. Organisers expect a massive turnout as worshippers travel from across the country for what is anticipated to be a transformative encounter.

Adequate security and free transportation have been put in place ALL over the city of Abuja, while those outside Abuja are expected to join online.

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Rivers Speaker, 15 Other Lawmakers Leave PDP for APC

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By Modupe Gbadeyanka

The Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, has defected to the All Progressives Congress (APC).

At the plenary on Friday, Mr Amaewhule joined the ruling party from the opposition Peoples Democratic Party (PDP), along with 15 other members of the state parliament.

This development comes some months after they had earlier declared their support for the APC in the wake of a crisis with the state governor, Mr Sim Fubura.

The lawmakers had an issue with Mr Fubura, which led to a state of emergency declared on the oil-rich state by President Bola Tinubu in March 2025.

This embargo was only lift in September 2025 after the duration of the six-month emergency rule in the state.

A few days ago, members of the Rivers Assembly passed a vote of confidence on President Tinubu, backing him to remain in office till 2031, when he would have spent eight years in office if re-elected in 2027.

Announcing their defection today, the lawmakers pinned their decision on the crisis rocking the PDP at the national level.

It is not certain if their political godfather, Mr Nyesom Wike, who is the current Minister of the Federal Capital Territory (FCT), will join them in APC.

Mr Wike, who governed Rivers State from 2015 to 2023, has been accused of instigating the crisis in the opposition PDP. He was expelled from the party last month at a national convention held in Ibadan, Oyo State.

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Nigeria Risks Brain Drain in Energy Sector—PENGASSAN

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By Adedapo Adesanya

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.

The president of PENGASSAN, Mr Festus Osifo, said at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja that the industry was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.

Painting an example, he said, “A drilling engineer in Nigeria does the same job as one in the US or Abu Dhabi,” noting that the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.

“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.

According to him, PENGASSAN has recorded significant gains through collective bargaining across oil and gas branches.

“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.

He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.

Mr Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.

He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.

“This industry recruits the best. Companies must provide the best conditions,” he said.

On insecurity, Mr Osifo urged government to take decisive action against terrorism and kidnappings across the country.

“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.

He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.

Mr Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.

He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.

“Nigerians want to see food on the table, not macroeconomic figures,” he said, urging the government to coordinate fiscal and monetary policies to ensure economic gains reach households.

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