Payment of N1.2trn of Nigeria’s N2.3trn outstanding Power Sector Debt to address Liquidity Challenges - Minister

The Federal Government has paid N1.2 trillion of Nigeria’s N2.3 trillion outstanding power sector debt to ease liquidity pressures and improve electricity supply.

Minister of Power, Joseph Tegbe, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.

The meeting was presided over by President Bola Tinubu at the State House.

Tegbe said the payment formed part of broader efforts to address liquidity challenges, particularly those affecting gas supplies to electricity generation companies.

He said the government was also pursuing measures to stabilise the national grid, strengthen transmission infrastructure and improve electricity delivery to consumers.

According to him, Lagos and adjoining areas account for approximately 50 per cent of national electricity demand, while Abuja, Kano and other locations require infrastructure improvements.

Tegbe said the government planned to expand national transmission capacity from the current 5,000 megawatts to more than 19,000 megawatts.

He said the expansion would bridge infrastructure gaps and accommodate the country’s electricity generation capacity, estimated at more than 13,000 megawatts.

The minister also said prolonged detention of consignments had affected the availability of essential materials needed for electricity infrastructure development.

He said efforts were underway to resolve the outstanding clearance issues.

Tegbe revealed that construction had commenced on a modern National Control Centre in Osogbo, Osun, to replace the existing facility, which had operated for 64 years.

He said the new centre would feature advanced monitoring and control systems to improve grid coordination, operational efficiency and nationwide transmission management.

Tegbe reaffirmed the administration’s commitment to settling outstanding financial obligations, modernising transmission infrastructure and expanding alternative energy solutions to ensure more stable and reliable electricity nationwide.

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Zenith Bank Tech Fair 6.0 to examine AI's Transformative Potential

Zenith Bank Plc is set to host the sixth edition of its flagship technology event, Zenith Bank Tech Fair 2026: Future Forward 6.0, on Thursday, November 5, 2026, under the theme, “AI: Embrace or Extinct.”

Renowned for its scale and showcase of technological innovation, the annual Tech Fair has evolved into a platform for connecting ideas, talent and opportunities. Over the years, the event has brought together technology leaders, entrepreneurs, and young innovators to explore emerging technologies, showcase solutions and examine the future of the digital economy.

Conceived by the Bank’s Founder, Jim Ovia, the initiative reflects his vision of empowering young Nigerians through technology and nurturing inventors capable of developing solutions with global relevance. It also reinforces Zenith Bank’s commitment to digital advancement and the growth of Nigeria’s technology ecosystem.

The impact of the Tech Fair is evident in the solutions emerging from its competitions. Previous winners include JumpnPass, which developed a self-checkout solution for retail, and CreditChek, which uses artificial intelligence and open banking to streamline credit verification. At the 2025 edition, TrustLoop won the hackathon for its digital identity verification solution, while Cubbes Technologies won the startup pitch competition with its AI-powered EdTech learning platform.

Through millions in prize funding and mentorship, the Tech Fair continues to support promising innovators in developing practical solutions to real-world challenges. For the first time, the Tech Fair will be held virtually, opening participation to a wider borderless audience across Nigeria and beyond.

This year’s theme explores the growing influence of AI and challenges individuals and organisations to consider how best to harness its potential in an increasingly technology-driven world. The event will offer participants an opportunity to discover emerging innovations, gain fresh insights and engage with ideas shaping the future of work and business.

The Tech Fair will be accessible via Zoom, Instagram, X, TikTok, Facebook and YouTube. Be part of the future of technology. Register now at www.zenithbank.com/techfair and experience the possibilities of AI at Zenith Bank Tech Fair 2026.

About Zenith Bank Plc

Zenith Bank Plc is one of Nigeria’s leading financial institutions, recognised for its commitment to innovation, service excellence and strong corporate governance.

Through strategic investments in technology and human capital, the Bank continues to deliver innovative financial solutions and contribute to the development of Nigeria’s digital economy.

Credit Zenith Bank PR

Grid Stability, Investment, Energy Security critical to building reliable Power Sector - Minister

The Federal Government says it will improve the utilisation of existing power assets, boost industrial productivity and attract more investments into the electricity sector.

Joseph Tegbe, the Minister of Power, said this on Tuesday at the Nigeria Energy Leadership Summit in Lagos.

Speaking on the theme, “Powering the Nation: Nigeria’s Roadmap to Grid Stability, Investment and Energy Security”, Tegbe said grid stability, investment and energy security were critical to building a reliable and sustainable power sector.

He said that powering the nation required more than expanding installed generation capacity.

He added that there was a need to address growing demand, mobilise capital and develop infrastructure to convert available energy into usable electricity.

Tegbe said that improved access to quality electricity would enable manufacturers to plan production, sustain essential healthcare services and provide investors with a stable operating environment.

The minister said that successful reforms required leadership with the political will to address longstanding challenges.

He noted that President Bola Tinubu had demonstrated commitment to addressing structural weaknesses in the sector, including through Executive Order 23.

Tegbe said that the Federal Government planned to install more than seven million electricity meters within the next three years to enhance accountability and transparency.

He added that the government would train more than 50,000 youths in meter installation and related skills, beginning with 5,000 trainees every quarter.

Also speaking, Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, who represented Governor Babajide Sanwo-Olu, said that no economy could grow beyond the capacity of its electricity supply.

Ogunleye said that reliable and affordable electricity was essential for businesses to thrive and investments to grow.

He stressed the need for collaboration among the Federal and state governments, regulators and private investors to develop a reliable and sustainable electricity sector.

Jitender Sachdeva, Group President of SkippersSeil Group, said that the government could not fund the power sector alone and called for greater private-sector participation in financing electricity infrastructure.

Sachdeva also urged the government to ensure prompt payment to contractors to facilitate the timely completion of substations across the country.

Ade Yesufu, Exhibition Director, said that more than 200 companies from nine countries were showcasing technologies aimed at improving power generation and delivery.

Yesufu said that Nigeria had significant opportunities to expand electricity generation, given its installed capacity, abundant gas resources and growing community of investors and innovators.

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