Power Sector Debt: Journalist Rufai Oseni, Others Dig Up Receipts From 2024 Showing Similar Details of Recent ₦3.3 Trillion Payment Approval by FG

 

Nigeria’s power sector has once again taken centre stage in national discourse after the Federal Government approved a ₦3.3 trillion payment plan to settle long‑standing legacy debts crippling electricity generation, gas supply, and distribution across the country. The development — announced in April 2026 — has sparked fresh debate among journalists, economists, and civil society commentators about transparency, accountability, and the real impact of such interventions on Nigerians’ daily lives.

What Is the ₦3.3 Trillion Debt Plan?

President Bola Ahmed Tinubu has officially approved a ₦3.3 trillion debt settlement plan under the Presidential Power Sector Financial Reforms Programme to clear long‑standing debts that have burdened Nigeria’s power value chain for over a decade. According to the Presidency, the liabilities accumulated between February 2015 and March 2025, and the approved payment is considered a “full and final settlement” of verified legacy debts.

Implementation has already begun:

• 15 power generating companies (GenCos) have signed settlement agreements worth ₦2.3 trillion;
• The Federal Government has raised ₦501 billion, of which ₦223 billion has already been disbursed to stakeholders.

Officials say the settlement aims to restore liquidity in the power sector value chain, ensure gas suppliers and power plants are paid, and boost investor confidence — ultimately improving electricity generation and reliability across Nigeria.

Why This Matters

Nigeria’s electricity sector has long been plagued by inefficiencies, low grid capacity versus public demand, and chronic debt. Only a fraction of Nigeria’s generation capacity is reliably available, leaving many homes and businesses dependent on expensive diesel or petrol generators.

Despite repeated interventions over the years, the sector continues to struggle with:

• Limited investment from power generators because of unpaid receivables;
• Persistent outages and frequent grid collapses;
• Growing operational costs without proportional revenue.

For many Nigerians, the promise of “more stable electricity” remains aspirational — not reality — even as official figures show major sums allocated to debt relief.

Journalist Rufai Oseni — What Has He Revealed?

In the wake of the ₦3.3 trillion announcement, prominent Nigerian journalist Rufai Oseni and other commentators resurfaced documents and references from 2024 showing very similar details about the power sector’s debt challenges and previous government approvals of multi‑trillion‑naira interventions. These resurfaced receipts raise questions about repetition, transparency, and value for money in handling power sector finances.

Oseni — who is widely known for hard‑hitting on‑air interviews and investigative commentary on governance and fiscal affairs — has highlighted that many of the issues federal authorities are now promising to fix were already raised in 2024 when a similar ₦3.3 trillion debt intervention was reportedly approved. His posts on social platforms suggest Nigerians are being asked to accept repeated debt approvals without visible improvements in electricity supply and accountability.

While critics like Oseni push for deeper accountability, others argue that such debt settlements are necessary first steps toward stabilising a sector that has underperformed for decades.

Public Reaction and Broader Concerns

The recent ₦3.3 trillion approval has drawn mixed reactions:

• Some energy analysts say the settlement could unlock operational cash flow for GenCos and gas suppliers, making electricity generation more reliable if executed well.
• Others — including labour groups and consumer advocates — are cautious, questioning whether the funds will translate into real improvements in service delivery and affordability.
• Observers also point to past tariff hikes and ongoing financial pressures on distribution companies (DisCos) that have struggled to balance costs and revenue, further complicating long‑term sector reform.

The Path Ahead

The Federal Government has made clear that the ₦3.3 trillion intervention is part of a broader Power Sector Financial Reforms Programme, which includes improved electricity metering and service‑based tariffs linked to quality of service. Tinubu’s administration also confirmed that Series II of the programme will begin later in the quarter.

However, many Nigerians insist that money alone is not the answer — structural reforms, transparent reporting, and measurable improvements in electricity access must accompany financial interventions if public trust is to be restored.

Conclusion

As Nigeria navigates one of its longest‑standing economic and infrastructural challenges, debates continue over whether repeated multi‑trillion‑naira debt approvals — like the recent ₦3.3 trillion plan — are truly advancing the country’s power sector or merely recycling old promises. Voices like Rufai Oseni’s call for accountability reflect a broader demand from citizens for transparency, results, and lasting change.