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President Tinubu To GenCos: Give Us More Time To Verify N4trn Electricity Debt

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Tinubu Assures Nigerians

President Tinubu To GenCos: Give Us More Time To Verify N4trn Electricity Debt

President Tinubu to GenCos: Give us more time to verify N4trn electricity debt. President Bola Tinubu has urged power generation companies (GENCOs) to give the federal government more time to complete the verification and validation of longstanding debts owed to them.

At a meeting with members of the Association of Power Generation Companies (APGC), led by Sani Bello, the group’s head, at the Presidential Villa in Abuja, Tinubu acknowledged the inherited liabilities from previous administrations and pledged transparency and fairness in resolving them.

The president said his administration remains committed to tackling the liquidity challenges facing the power sector.
“I accept the assets and liabilities of my predecessors, and there is no question about that,” he said.

“But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion.”

Tinubu emphasised the need for patience from GenCos and financial institutions, adding that government agencies are working with audit and legal firms to scrutinise the claims.

“We are here. So market it to your other colleagues. Give us time to do verification and validation of the numbers,” he said.

Reaffirming his belief in a market-driven electricity sector, Tinubu said legacy issues in the industry are finally receiving the attention they require.

“This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people,” he said.

Tinubu also said the government is committed to maintaining a stable investment environment and avoiding harsh measures like bank asset foreclosures against GenCos.

“To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together,” he said.

Describing electricity as “the most important discovery of humanity in the last 1,000 years,” the president said access to electricity is fundamental to economic growth and human dignity.

‘N4TRN BOND PROGRAMME RECEIVES ANTICIPATORY APPROVAL’

On her part, Olu Verheijen, special adviser to the president on energy, said a N4 trillion bond programme has received anticipatory approval from the president to address the sector’s liquidity shortfall.

She said the crisis stems from “a combination of unfunded tariff shortfalls and market shortfalls” that have accumulated over the past decade.

Verheijen said the federal government’s exposure to GenCos stood at N4 trillion as of April 2025, with the debts dating back to 2015.

“We have since sat with 27 GenCos — not all of them are here today — and reviewed their PPAs and gas sales agreements to understand the legitimacy of their claims. The GenCos claimed about N4 trillion from 2015 to the end of 2023,” she said.

Verheijen said the Nigerian Bulk Electricity Trading Company (NBET), which mediates between GenCos and the government, has validated N1.8 trillion of the claims so far.

“Since that period, we have had N200 billion in unfunded subsidies that have accumulated the federal government’s liability,” she said.

FG Vows To Meet GenCos Over N4tn

President Tinubu To GenCos

“So, as of April 2025, the total exposure that we are carrying at the moment is N4 trillion.”
However, she said the figure could be revised downward following final validation.

“While there is an anticipatory approval of this N4 trillion bond programme, it is subject to negotiations and final settlement of agreements,” Verheijen said.
“Only the amounts that the federal government validly owes are the things that will make it into the issuance by DMO.”

On his part, Adebayo Adelabu, minister of power, said Tinubu’s commitment to the sector has restored investor confidence and improved performance across the electricity value chain.

Crime

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

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Troops Destroy 56 Illegal Refining Sites

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
Eereporter.com

The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.

The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Troops Destroy 56 Illegal Refining Sites

Oil

The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.

ABIODUN FOLORUNSHO

Navy Captain

Director Naval Information

Nigerian Navy
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Economy

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

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NNPC

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.

“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!

“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!

The promo runs from 1–7 October on the NNPC Fuel App,” the post read.

NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.

“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC

NNPC

NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.

The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.

The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
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Economy

President Tinubu Tells EFCC: You Have Justified my Confidence in You

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EFCC Arraigns Gidado Ibrahim

President Tinubu Tells EFCC: You Have Justified my Confidence in You

President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements

Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”

He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.

“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.

At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.

According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.

“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said

He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.

“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.

He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.

“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.

While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC Arraigns Gidado Ibrahim

EFCC

He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.

In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.

The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
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