…Says No Immediate Tariff Hike
The Federal Government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to restore financial sustainability to Nigeria’s power sector.
Minister of Power, Joseph Tegbe, disclosed this on Friday during a media interactive session while addressing the mounting debt in the power sector.
He said although the subsidy regime would be gradually phased out, the government would ensure that consumers continued to enjoy improved electricity services and would not be worse off.
The Minister also assured Nigerians that there was no immediate plan to increase electricity tariffs.
“We have the mandate of Mr. President to clear the legacy debt and come up with sustainable structures to make sure this doesn’t pile up any more,” Tegbe said.
“I promise you, next year, by God’s grace, we will put a stop to this so-called subsidy in the power sector. Mr. President, we will not deprive Nigeria of anything. We’ll make sure Nigerian consumers continue to have power and improve power services.”
The planned withdrawal of the subsidy aligns with long-standing recommendations by the International Monetary Fund (IMF), which has repeatedly urged Nigeria to eliminate electricity subsidies and allow cost-reflective tariffs to strengthen the financial viability of the power sector.
The Federal Government has consistently cited the significant fiscal burden of electricity subsidies, with the outstanding subsidy obligation estimated at about ₦3 trillion as of February 2024.
In addition, the Association of Power Generation Companies (APGC) recently disclosed that the government owes electricity generation companies (GenCos) about ₦6.5 trillion, a debt it says is threatening the stability of the nation’s power supply.
To address the liquidity crisis, the Tinubu administration has commenced the implementation of the Presidential Power Sector Debt Reduction Programme (PPSDRP).
In January, the government issued an inaugural ₦501 billion bond to settle verified legacy debts owed to GenCos.
On July 20, it announced a second bond issuance valued at about ₦729 billion, bringing the first phase of the debt reduction programme to approximately ₦1.23 trillion. The bond is expected to improve liquidity in the electricity market, boost investor confidence and support more reliable power supply.
The latest announcement also follows earlier directives by President Bola Tinubu aimed at reforming electricity financing.
In February, the President instructed all ministries, departments and agencies (MDAs) to rely on existing electricity laws to clearly define how subsidy costs should be shared among the federal, state and local governments in preparing the 2026 budget.
- Christian Elders Tell TinubuNot To Seek Re-election in 2027 - August 1, 2026
- FG to End Electricity Subsidy in 2027 as Power Sector Debt Mounts - August 1, 2026
- Drop ‘Barrister’ Prefix, CJN Directs Lawyers - August 1, 2026
One comment
ONGOING AUCTION
August 1, 2026 at 12:31 pm
📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞📞
👇📞<<<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers
To all the "Clearing Agent, Dealers And Individual Buyers",
This Is The Privilege you have been looking For To Own a Vehicle Of Your Choice At Affordable Auction Rate Approved By The Federal Government Of Nigeria
WE have BEGING THE ONLION Auctioning OF SEIZED ITEM'S
.ITEMS UP F0R AUCTI0N
1.T0KUNB0 VEHICLES
2.BAGS 0F RICE
3.BAGS 0F C E M E N T
4.VEGETABLE 0IL
5.M0TORCYCLES
6.TRICYCLE
7.BALE OF CL0THES
8.INDUSTRIAL SEWING MACHINES🧵
9. INSTALLMENTAL PAYMENT IS FULL ALLOWED WITH A MINIMUM PERIOD OF 3 MONTHS AND A MAXIMUM PERIOD OF 9 MONTHS!!!
INTERESTED BUYERS SHOULD
CONTACT THE STATE AUCTIONEER.
CUSTOM OFFICER DENNIS ON :-
O7O_6397 _6781
O7O_6397 _6781
RICE AVAILABLE FOR SALES ARE :-
Royal umbrella=18,000
Mama Gold=20,000
Royal stallion=18,000
Rising sun=18,000
Special rice=18,000
Mama Africa=18,000
Elephant Gold=18,000
Caprice =20,000
Gallon of oil =9,500
NOTE: TRANSPORTATION CHARGES IS (#1000) which must be paid before we ensure your delivery.
~INDUSTRIAL SEWING MACHINES🧵
BROTHER INDUSTRIAL #1OO,000
JUKI INDUSTRIAL #95000
EMEL INDUSTRIAL. #95000
SINGER INDUSTRIAL AND MORE
!!CALL NIGERIA Cust0m Service FOR ANY OTHER PRODUCT'S AND YEAR'S!!
SOME CAR LIST BELOW.
Golf 2 3 4 350k __ 500k
TOKUNBO CARS BELOW :�
2008 Corolla Sport 1. 8m
2010 Corolla Sport 1.970m
2012 Corolla Sport 2.980m
Awoof 2009 Lexus RX350 1.9m
2013 Camry XLE – Back Vent AC – V4 – 1.580m
2001 Camry N280k
2003 Camry N520k
2005 Camry LE .680k
2015 Matrix 1.7m
2008 Toyota Camry 1.3m
2012 Camry Sport 2.850m
2014 Rav4 Sport N2.8m
2016 Honda pilot EX 2.4m
2012 Benz E320 N2.4m
1999 Sienna 150k
2006 Lexus RX300 1m
Pegeout 406 Manual AC 720k
2012 Honda CRV EX 2.850m
O15 Honda Accord 2million
2011 Corolla XLE – Alloy + Formica 2.850m
2015 Toyota LandCruiser 3m
2010 Corolla LE 1.8m
2016 RX350 4.1m with Mouse
2018 RX350 5.8m with mouse
202O Toyota Tacoma 6.8m
2013 Avalon Thumbstart 2.5m
2012 Avalon key 2.1m
2012 Pointiac Vibes 2.8m
2011 Benz E230 N2.4m
2017 Sienna CE 2.980m
2016 Sienna XLE 2.550m
2016 Corolla Sport 3.5m
2010 Camry LE 2.350m
2011 Camry LE 2.4m
2018 Lexus GX460 5.4m
2015 Lexus ES350 .4m
2010 Corolla Manual N1.580m
2018 Acura MDX 4.6m
018 Benz C300 3m
017 Benz GL450 5.3m
2018 Benz GL550 5.8m
OI8 Benz GLS 3.8M
2O2O Benz Gls 4.6mill
2006 Rav4 .850k
Awoof 08 Pilot N.750k
2008 Pilot 800k EX
2009 Highlander sport 2.8m
2018 Highlander Limited 3.2m
2012 Rav4 EX Rev Camera + Thumbstart@ 2m
08 Honda Accord N890k
2012 Camry XLE .2m V4
2013 Honda Accord 2.m
2015 Honda Accord N3m
2013 Matrix N1m80k
2012 Honda CRV 900k
2003 Honda Element 550k
2008 Camry 990k
2016 Honda Ridgeline 2.6m
2014 Camry LE 2.750m
2013 Ford Edge SEL 2.9m
2014 Ford Edge SEL .3m
Fresh like toks 2013 Benz E200 N3m
2012 Rav4 1.9m
2014 Kia Cerato 2.m
2015 Benz GLK350 3.5m
2015 Range Rover evogue 6.650m
OI8 Range Rover evogue 8mill
2O2O Range Rover evogue 10m
OI8 Range Rover sports 6.8M
2006 Quest 850k
2008 Kia Rio 800k
2012 Camry Xle 1.680m
O12 Venza .2million
2O22 GX460-N8M
2O14 Venza 3M
2O18 Corolla N6m
O2O LandCruiser 6m
2OI8 LandCruiser 3.9mill
2O2O Prado N5.2m
2OI8 Prado 4mill
2O20 Rav4 N6.8M
2O20 g-wagon N35M
2O21 Hilux 6.8M
OI8 HILUX 3.6m
2O18 Bus 5.850M
Tipper Head 8M
TOKUNBO CARS ABOVE :�