By Idris Olukoya
Abuja, April 8, 2026 (NAN) A former lawmaker, Hon. Oghene Egoh, has commended President Bola Tinubu for approving a N3.3 trillion payment plan to address long-standing debts in Nigeria’s power sector.
Egoh, who represented Amuwo-Odofin Federal Constituency, gave the commendation in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
He described the move as “a bold and decisive step in the right direction,” noting that it represents a significant intervention that previous administrations were unable to undertake.
According to him, the development follows the Federal Government’s approval of a N3.3 trillion settlement plan aimed at resolving legacy debts accrued under the Presidential Power Sector Financial Reforms Programme over a 10-year period, spanning February 2015 to March 2025.
“Following verification, N3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution,” he said.
Egoh said that the government implementation of the repayment plan had commenced, with 15 power generation companies already signing settlement agreements valued at N2.3 trillion.
He added that the Federal Government had so far mobilised N501 billion for the initiative, out of which N223 billion had been disbursed, while further payments were ongoing.
The former lawmaker attributed persistent national grid collapses to multiple factors, including ageing transmission infrastructure, some of which, he noted, are over 50 years old, generation constraints, and system disturbances.
He, however, expressed optimism that settling the outstanding debts and strengthening sector operations would significantly improve power supply nationwide.
“Once the debts are cleared and the distribution companies fully resume optimal operations, issues relating to generation constraints and system disturbances will be addressed, and be things of the past, ” he said.
Egoh projected that Nigeria would, in the long term, experience stable and reliable electricity supply, reducing dependence on generators.
“With time, generators will become obsolete as the country begins to enjoy steady power supply.
“This will enhance socio-economic activities, reduce cost of productions and commodities, moribund industries will be revived, trade and commerce will boost, and ultimately improve the nation’s economic outlook,” he said.
He further lauded the Tinubu administration’s economic reform agenda, urging Nigerians to remain patient as efforts to reposition the economy continue.
“Though the current situation is challenging, the President is working diligently to restore the economy.
“While it may take time, I am optimistic that the reforms will yield positive outcomes soonest and place the country on a path of sustainable growth,” Egoh said.
(NAN).(www.nanmews.ng).
SIO
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