Nigeria’s Minister of Power, Adebayo Adelabu, has revealed that President Bola Tinubu is scheduled to meet with the leadership of the nation’s power generation companies (GenCos) to resolve a staggering ₦4 trillion debt crisis threatening the stability of the power sector.
In a statement released Sunday by his media aide, Bolaji Tunji, Adelabu warned that Nigerians should brace for higher electricity tariffs once subsidies are withdrawn, citing the urgent need to implement cost-reflective pricing for power.
To prevent sector collapse, the minister confirmed that a significant portion of the debt will be paid immediately, while the rest will be cleared through financial instruments such as promissory notes within six months. He stressed that blanket subsidies are no longer sustainable and urged the adoption of a fully liberalised power market.
“Citizens must pay the appropriate price for the energy consumed,” Adelabu stated, promising targeted support for vulnerable Nigerians while pushing for structural reforms.
The meeting with President Tinubu aims to forge a viable path forward as the country grapples with chronic electricity challenges and mounting pressure on national finances.