For years, Nigeria’s power sector was all promise, no light. Gas reserves were huge, but debt, estimated billing, and underinvestment left homes and businesses in the dark.
President Tinubu’s team is changing that with two big plays: the N4 trillion Presidential Power Sector Debt Reduction Programme and the Presidential Metering Initiative.
The debt plan cleared arrears choking GenCos and GasCos. A N501 billion Series 1 bond was oversubscribed in Q4 2025, and by Q2 2026, N2.28 trillion in claims were settled. Operators say cash flow is back, and investors are returning.
On metering, Nigeria passed 7 million installed meters in January 2026. Over 1 million new meters have rolled out since 2025 to kill estimated billing. PMI-Install will also train 5,000 meter installers in Q3 2026.
Tariff reforms are moving too. By Q2 2026, 45% of the market had shifted to cost-reflective tariffs tied to service levels, cutting the subsidy burden by over N1 trillion.
The Special Adviser to the President on Energy, Olubukola Arowolo Verheijen, says the goal is “from promise to performance.” With debt cleared, meters rising, and gas reserves above 215 trillion cubic feet, the sector is gaining stability.
