Oil & Energy
Elumelu Tasks FG On Power Sector Debt Payment
Chairman of Heirs Holdings, Transcorp and United Bank for Africa (UBA), Tony Elumelu, has urged the Federal Government to fast-track the settlement of debts owed to electricity generation companies (GenCos).
Elumelu said that the timely payment was imperative to boosting power supply and accelerating economic growth.
Speaking to State House correspondents, shortly after the meeting with President Bola Tinubu, at the Presidential Villa, Abuja, Weekend, Elumelu insisted that the debt payment would aid in revitalising the power sector and stabilising the economy while strengthening the Small and Medium-scale Enterprises (SMEs).
He said “All of us who are in the power sector are owed significantly, but in spite of that, we continue to generate electricity. We want to see the payments made so that there will be more provision of electricity to the country. Access to electricity is critical for the development of our economy.”
Elumelu, whose conglomerate has major investments in Nigeria’s power industry, stressed that improving electricity supply remains one of the most important enablers of economic expansion, job creation and industrial productivity.
According to him, President Tinubu recognised the urgency of resolving the liquidity challenges in the power sector and is committed to addressing legacy debts to ensure generation companies can scale operations.
“The President realises it, embraces it and is committed to doing more, especially helping to fast-track the payment of the power sector debt so that power generators can do more for the country. That is very, very critical,” he added.
In his assessment of the outlook for 2026, he said growing macroeconomic stability, improved foreign exchange management and sustained reforms in the power sector could position Nigeria for stronger growth — provided implementation remains consistent and structural bottlenecks are addressed.
Elumelu posited that one priority stands out, which is: resolving power sector liquidity challenges to unlock increased electricity generation and energise the Nigerian economy.