By Gloria Akudoro
The Minister of Power, Joseph Tegbe has said that over 2.8 million customers have been metered over the past three and half years under the Presidential Metering Initiative to bridge collection losses.
The Minister further revealed that N1.23 trillion was raised under the approved N3.3 trillion plan to settle verified legacy debts owed to generating companies earlier this year, easing the pressure on generators and improving their ability to pay for gas and maintain their plants.
The federal government had in January 2026 secured the initial N501 billion through its series 1 bond issuance, as part of the Presidential Power Sector Debt Reduction Program. Following an August market launch, the government signed and completed the series 2 bond issuance worth N728.979 billion (comprising N402 billion in cash bonds and N326.979 billion in non-cash bonds). Combining the January and September tranches brought the total funds raised to N1.23 trillion.
Speaking at the Sixth Annual Conference of the Power Correspondent Association of Nigeria (PCAN) Conference themed “$1Trn Economy: Nigeria’s Roadmap to Reliable and Affordable Power Supply”, the Minister said it speaks directly to a subject that is central to the government’s ambition under the Renewed Hope Agenda.
According to him, every serious conversation about Nigeria’s industrial future eventually arrives at the question of power. Not because electricity is the only constraint on enterprise, but because it multiplies the effect of almost every other constraint. Reliable and affordable electricity allows businesses to produce more and gives them the confidence to invest.
Underscoring the milestone under this administration, Tegbe noted that President Bola Ahmed Tinubu, has set a clear economic direction to build a more productive, resilient and investment-led one-trillion-dollar Nigerian economy. That ambition, he asserted “cannot rest on consumption alone. It must rest on production. And production, at scale, must rest on reliable, affordable and commercially sustainable electricity.”
“Distinguished ladies and gentlemen of the press, realizing this critical role of power to the achievement of our economic ambition, Mr. President has demonstrated the uncommon courage to confront the debilitating structural constraints that accumulated over many years. Over the past three and a half years, the President has tackled longstanding financial and infrastructure constraints in the sector.
“He approved a N3.3 trillion plan to settle verified legacy debts owed to generating companies. We have raised N1.23 trillion under that plan, easing the pressure on generators and improving their ability to pay for gas and maintain their plants.
“During the same period, over 2.8 million customers have been metered under the Presidential Metering Initiative to bridge collection losses. The Rural Electrification Agency has connected universities, hospitals, and rural communities to solar power. We have commenced the construction of a new ultramodern National Grid Control Centre in Osogbo to replace the old one, built over 60 years ago.
“Between 2023 and October 2026, additional transmission capacity in excess of 15,000MVA has been added to the national grid. In the past two months alone, I have commissioned newly installed substation equipment across Kumbotoso, Dankata, Mashi, Dan-Agundi, Apapa, Ijora, Ikeja, Biliri, Walalambe and other locations, adding over 1,300MVA to Nigeria’s transmission capacity. This has unlocked more power to the respective Distribution Companies (DisCos) for onward distribution to industrial and household customers,” the minister stated.
He warned that vandalism remains a serious threat to the power sector, damaging critical infrastructure and disrupting electricity supply, noting that Mr. President has approved the implementation of a coordinated anti-vandalism campaign involving the relevant security agencies, backed by strengthened legal framework to protect power assets, deter sabotage and hold offenders accountable.
Delivering a goodwill message on behalf of the Managing Director of the Niger Delta Power Holding Company (NDPHC), Engr. Jennifer Adighije, the General Manager, Corporate Communication and External Relations, Nazo Agim, thanked PCAN for effectively representing the sector, noting that both organisations remain “five and six.”
Wishing the association greater heights in all its endeavours, Agim reaffirmed NDPHC’s deep commitment to supporting PCAN to the very end.
The General Manager, Engineering, Transmission Company of Nigeria (TCN), Engr. Mojeed Akintola, while delivering a goodwill message on behalf of the Managing Director and staff commended power correspondents for factual reportage, expressed hope that the partnership would continue into the coming year.
Explaining TCN’s role in the value chain, he said: “Transmission is just the transporter—to wheel power from the power plants to the DisCos. So, if the power is not available, there’s nothing to wheel; so, we need the factual representation the way the story is, which you have been doing for us.”
Aligning with remarks by the MD/CEO of FGN Power Company Limited, Kenny Anuwe, Akintola urged sector participants to speak candidly with open minds rather than trading blame, stressing that discussing realities as they are is crucial for accurate reporting and public understanding.
