Nationwide Blackout: Tinubu approves N4 trillion bond to settle electricity debt
President Bola Tinubu claimed on Friday that 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 protest on Friday, Mr Tinubu maintained that electricity is a democratic dividend that every Nigerian must experience, while highlighting the steps his administration has taken to ensure improvements.
Mr Tinubu noted 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.
“The Presidential Power Sector Task Force is working hard to reduce the metering deficit. It has also been authorised to raise N4 trillion bond to settle verified legacy debts,” Mr Tinubu stated.
Additionally, the president mentioned 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.
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