First Independent Power Limited has expressed support for the Federal Government’s N3.3 trillion power sector debt settlement under the Presidential Power Sector Financial Reforms Programme. The company described the initiative as a major step toward restoring stability and investor confidence in Nigeria’s electricity industry.
The Chief Executive Officer of First Independent Power Limited, Mr Seyi Sobogun, said the company has executed the required settlement agreements and noted encouraging progress so far. He pointed to the January 2026 bond issuance, which raised N501 billion and was fully subscribed, as a strong signal of growing market confidence in the reform programme.
The reform programme follows the approval of a N3.3 trillion payment plan by President Bola Tinubu to clear legacy debts accumulated between February 2015 and March 2025. Implementation is already underway, with 15 power generation companies signing agreements valued at N2.3 trillion, while the Federal Government has raised N501 billion and disbursed N223 billion so far.
Also Read: Tinubu Approves Plan to Settle N3.3 Trillion Power Sector Debt
Earlier in the week, the Association of Power Generation Companies, APGC, had asked the federal government to clarify how it had reached the N3.3 trillion figure, citing discrepancies between the amount and industry figures.
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