FG to raise N4trn bond to settle electricity debt

President Bola Tinubu said on Friday that the Presidential Power Sector Task Force is working hard to reduce the metering deficit. He said that the task force has also been authorised to raise N4 trillion bond to settle verified legacy debts”. 

He said his administration has made significant efforts to address Nigeria’s electricity challenges despite inheriting a power sector plagued by longstanding problems from the previous administration of the late President Muhammadu Buhari.

In his Democracy Day nationwide broadcast on Friday, Tinubu maintained that electricity is a democratic dividend that every Nigerian must experience, while highlighting the steps his administration has taken to ensure improvements. 

The President said that he signed the Electricity Act into law, allowing states to generate, transmit, and distribute power, and he has also approved N4 trillion to settle longstanding electricity debts. 

“To address the problems besetting the sector, I signed the Electricity Act, which grants states authority to generate, transmit, and distribute power. 

Additionally, the president said that, through collaboration with the World Bank and the African Development Bank, off-grid and mini-grid power infrastructure has been made available to Nigerians. 

“The Rural Electrification Agency, supported by the World Bank and the African Development Bank, has deployed off-grid and mini-grid power to underserved communities, universities, markets, and hospitals. 

“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” Mr Tinubu said.