Connect with us

News

Tinubu Approves ₦4tn Bond to Clear GenCos, Gas Supply Debts -Power Minister

Published

on

By Onyeanya Ebere Immaculata

 

President Bola Tinubu has approved a ₦4 trillion bond to offset verified debts owed to power generation companies (GenCos), and gas suppliers, in a move aimed at stabilising Nigeria’s electricity market and restoring investor confidence in the sector.

The Minister of Power, Adebayo Adelabu, disclosed this at the Expert Forum on “Uninterrupted Power: The Industrial Imperative” organised by the Nigeria Economic Summit Group in Abuja.

He said the debt repayment forms part of a comprehensive financial stabilisation plan to address legacy liabilities that have hampered investment and liquidity across the power value chain.

“To stabilise the market, Mr. President has approved a ₦4 trillion bond to clear verified GenCo and gas supply debts,” Adelabu stated, adding that a targeted subsidy framework is also being developed to protect vulnerable households while advancing the full commercialisation of the power sector.

Adelabu noted that the Federal Government is implementing a holistic reform strategy under the Renewed Hope Agenda, covering legislative and policy reforms, infrastructure development, energy transition, and local content promotion to make the sector commercially viable and sustainable.

He revealed that recent tariff adjustments have improved supply reliability and operational efficiency for industries, with sectoral revenue rising by 70% to ₦1.7 trillion in 2024 and projected to exceed ₦2 trillion in 2025.

The minister explained that clearing the outstanding debts would provide critical relief to GenCos and gas suppliers whose unpaid invoices have constrained generation capacity and disrupted operations.

Highlighting progress under the Presidential Power Initiative (PPI), Adelabu said Phase Zero had already delivered over 700 megawatts of additional transmission capacity.

Under Phase One, contracts have been signed with Siemens Energy, CMEC, Elswedy Electric, and Power China, with financing arrangements in place to deliver another 7,000 MW to the national grid.

He added that efforts are ongoing to rehabilitate National Integrated Power Projects (NIPP), plants to unlock 345 MW of additional capacity, while the 700 MW Zungeru Hydropower Plant has already been successfully integrated into the grid.

Adelabu called on stakeholders and private sector partners to support the government’s reforms, expressing optimism that continued collaboration would lead to a stable, reliable, and industrially competitive electricity sector for Nigeria.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Abuja Reports

Atoyebi Adewumi Wins 4th National Essay Competition, Beats 2,000 Contestants

Published

on

By

By Samson Adeyanju

Atoyebi Adewumi has emerged winner of the fourth edition of the National Essay Competition, beating more than 2,000 contestants in an intellectual contest aimed at promoting academic excellence, critical thinking and creative writing among young Nigerians.

The competition, which focused on the relevance of taxation to national development, challenged participants to examine the role of tax revenue in financing public services, stimulating economic growth and strengthening the relationship between government and citizens.

The initiative provided a platform for young Nigerians to demonstrate their writing skills, articulate informed perspectives on national issues and contribute ideas towards building a more responsible and progressive society.

Speaking after being declared winner, an elated Adewumi expressed gratitude to the convener, Foluso Sylvanus Ojo, and the organising team for providing young Nigerians with an opportunity to showcase their intellectual abilities.

“I am so glad, very, very glad, to have this privilege of emerging as the winner. I am grateful to the convener and the entire team, as well as everyone who supported this vision,” Adewumi said.

In his remarks, Ojo expressed concern over the tendency to criticise the attitudes and lifestyles of younger generations without providing adequate opportunities to nurture their talents and channel their energies towards productive pursuits.

He called on the government, corporate organisations and nongovernmental organisations to invest more in educational initiatives that promote intellectual excellence, creativity and responsible citizenship.

According to him, sustained investment in academic competitions and youth development programmes would encourage discipline, innovation and a stronger commitment to national development.

Drawing a comparison with the substantial cash prizes awarded in some reality television competitions in Nigeria, Ojo argued that students and intellectually gifted young Nigerians deserved greater recognition, financial support and encouragement.

“I believe the government should support initiatives like this because individuals need supportive hands, especially from the government. When they receive such support, they become more confident and motivated to continue their good work,” he said.

Ojo maintained that society could not continue to complain about the attitudes and lifestyles of young people without deliberately investing in programmes that encourage positive values and productive engagement.

The fourth edition of the competition also underscored the importance of tax awareness among young Nigerians, highlighting how effective taxation, transparency and accountable governance could contribute to improved infrastructure, education, healthcare and other essential public services.

Beyond celebrating the winner, the competition reinforced the need to identify, encourage and empower emerging intellectual talents capable of contributing meaningfully to Nigeria’s development.

Winner of the 5,000,000 naira

Winner of 3,000,000 naira

Winner of 2,000,000

All the participants 

Continue Reading

Abuja Reports

20 Finalists Begin Final Stage of National Essay Competition

Published

on

By

By Samson Adeyanju

Twenty finalists from across Nigeria have begun the final stage of the fourth edition of the National Essay Competition in Abuja, following an orientation session designed to prepare them for the decisive examination.

The finalists arrived in the Federal Capital Territory for a four-day, all-expenses-paid programme featuring the essay examination, institutional tours and opportunities for learning and networking.

The competition, the brainchild of Mr Foluso Ojo, is sponsored by the Nigeria Revenue Service (NRS).

Ahead of the examination, the finalists participated in an orientation session led by Professor Omotosho Borisade of Ekiti State University, who serves as the competition’s umpire.

The session familiarised participants with the competition’s rules and regulations, examination guidelines and assessment criteria, helping them understand the requirements of the final stage.

The essay examination is scheduled to begin today at 9 a.m., after which the finalists are expected to embark on institutional tours around Abuja.

The programme is designed to extend beyond the contest itself, exposing the finalists to new learning opportunities, professional connections and experiences in the nation’s capital.

The competition brings together young Nigerians to demonstrate their writing ability, knowledge, creativity and critical-thinking skills as they compete for the top honours.

With the finalists prepared for the examination, attention now turns to their performance and the eventual emergence of the competition’s champion.

 

Continue Reading

News

Pastor Ogundipe Decries Lack of Integrity Among Educated Nigerians

Published

on

By

By Samson Adeyanju

Pastor Alex Ogundipe, Chairman of the Governing Board of Christian Heritage International Bible College, Kubwa, Abuja, has expressed concern over the growing number of educated Nigerians who lack the character and integrity required to make meaningful contributions to society.

Ogundipe raised the concern during the matriculation ceremony of the institution’s 60 pioneer students, stressing that academic qualifications without moral discipline and upright character could undermine national development.

According to him, Nigeria has many knowledgeable and academically accomplished individuals whose inability to demonstrate integrity has negatively affected their contributions to their families, workplaces and communities.

“We have too many people in this country who are knowledgeable and wise in their own ways, but they do not have character and integrity. That affects their ability to impact their communities,” he said.

The cleric emphasised that education must go beyond the acquisition of certificates to the development of individuals who demonstrate honesty, accountability, faithfulness and commitment to serving humanity.

He explained that true integrity required consistency in personal conduct, whether at home, in the church, at work or within the larger society.

Ogundipe said the college was established not merely to impart biblical knowledge but to raise men and women whose lifestyles reflect Christian values and whose contributions would positively influence society.

He urged Christian leaders to demonstrate their faith through practical actions rather than mere religious declarations.

Speaking on Nigeria’s future, the cleric encouraged citizens to remain hopeful, pray for the country and contribute meaningfully to national peace, unity and development.

Earlier, the Rector of the institution, Pastor Samson Olukayode Aliyu, challenged the matriculating students to prioritise spiritual maturity and moral discipline alongside academic excellence.

Aliyu warned against examination malpractice, plagiarism, dishonesty and other forms of misconduct, stressing that academic certificates could demonstrate knowledge but could not substitute for good character.

“The Church does not only need gifted people; it needs godly people. We need leaders who will choose integrity over compromise, humility over pride, faithfulness over convenience and service over self-interest,” he declared.

He explained that the college offers six-month certificate programmes in theology and one-year diploma programmes in theology, leadership and prophetic studies.

One of the matriculating students, Akeem Omobolanle, who enrolled in the Diploma in Leadership programme, commended the institution’s approach to biblical education and expressed optimism that the training would strengthen his understanding of the Scriptures and prepare him for greater service in Christian ministry.

The ceremony marked the formal admission of the college’s pioneer students into its academic community.

Continue Reading

Trending