Tinubu Administration Advances Power Sector Reforms, Launches N4tn Bond Programme to Tackle Legacy Debt
Tinubu signed the Electricity Act 2023 on June 9, 2023, enabling state governments to participate in generation, transmission, and distribution.
In Brief
- •Tinubu signed the Electricity Act 2023 on June 9, 2023, enabling state governments to participate in generation, transmission, and distribution.
- •The government launched a N4tn bond programme, raising over N1.2tn in its first two tranches to settle verified debts owed to 21 electricity companies and gas suppliers.
- •Over the past three years, the Presidential Metering Initiative has installed meters for more than 1.5 million customers, while tariff adjustments aim to reflect cost and protect low‑income households.
- •Infrastructure projects include modernising the Osogbo Grid Control Centre, building an East‑West super grid, and approving new substations in 2024 and 2026.
Why It Matters
Nigeria’s electricity sector has struggled for decades, with frequent outages and estimated billing that burden consumers. Tinubu’s administration’s reforms aim to stabilize supply, reduce consumer costs, and attract private investment, potentially boosting economic growth and improving living standards. The bond programme and infrastructure upgrades signal a shift toward a more financially sustainable and technologically modern power system.
Key Details
- Electricity Act Signed
- June 9, 2023
- Bond Programme Value
- N4tn
- Tranches Raised
- N1.2tn
- Meters Installed
- 1.5 million
- States Leveraging Act
- Lagos, Enugu, Abia, Ekiti, Oyo, Kaduna, Niger
- Substations Approved 2024
- 5
- Substations Approved 2026
- 8 new, 4 upgraded
Original Reporting & Sources
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