Powering Progress: Omo-Ade Applauds FG’s Framework for Energy Stability

— Says Framework Will Strengthen Energy Stability, Boost Investor Confidence

By Solanke Ayomideji Taiwo 

ABUJA — A chieftain of the All Progressives Congress (APC), Alhaji Yisa Ismaila Adebayo, popularly known as Omo-Ade, has commended the Federal Government under the leadership of President Asiwaju Bola Ahmed Tinubu for its proactive move to address the long-standing debts owed to Nigeria’s Power Generation Companies (GENCOs).

He described the government’s framework to clear historical liabilities and prevent future accumulation as a bold and strategic step toward ensuring a more stable, efficient, and transparent power sector.

According to Adebayo, the decision to reconcile and settle the GENCOs’ debts underscores President Tinubu’s genuine commitment to economic reform, infrastructural renewal, and sustainable energy development.

“This initiative reflects the President’s deep understanding of the energy sector and his resolve to strengthen the foundation of Nigeria’s industrial and economic growth. Clearing these debts will restore confidence among investors and encourage further private participation in the power sector,” Omo-Ade said.

The APC stalwart made the remarks while reacting to the outcome of a recent high-level Power Sector Summit organized by the Federal Ministry of Power in collaboration with the National Assembly Committees on Power and representatives of the GENCOs.

The summit, themed “A Decade of Powering Progress: Driving Nigeria’s Energy Transformation,” brought together key stakeholders to deliberate on the challenges confronting electricity generation and distribution in the country.

Addressing the Energy Gap

The forum identified several critical issues limiting power supply, including:

• Infrastructure deficit

• Unsustainable tariff structures

• Gas supply constraints

• Financial instability within the electricity value chain

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Participants at the meeting emphasized that Nigeria’s significant gap between electricity generation and national demand continues to stifle industrialization, investment, and social development.

Adebayo lauded the Federal Government’s inclusive approach, noting that engaging both policymakers and private operators in constructive dialogue demonstrates a commitment to finding lasting solutions.

“For the first time in a long while, the government is addressing power sector bottlenecks through collaboration and accountability. This will go a long way in repositioning the electricity industry as a driver of Nigeria’s economic transformation,” he said.

GENCOs Pledge Cooperation and Reform

In a joint communique issued at the end of the summit, the Power Generation Companies pledged to strengthen cooperation with the government, regulators, and market operators to enhance sector performance.

They expressed readiness to:

• Improve liquidity and market transparency

• Enforce payment discipline across the value chain

• Foster stronger relationships with gas suppliers, the Nigeria Bulk Electricity Trading Plc (NBET), and the Transmission Company of Nigeria (TCN)

Stakeholders agreed that sustained reforms and payment integrity would enhance operational efficiency and attract much-needed investments into Nigeria’s power infrastructure.

A New Phase for Power Development

Alhaji Yisa Adebayo further stated that the Federal Government’s ongoing reforms signal the beginning of a new phase of energy transformation under President Tinubu’s Renewed Hope Agenda.

He urged Nigerians to remain patient and optimistic as the administration continues to implement policies aimed at achieving energy sufficiency and economic stability.

“This government has shown genuine will to solve Nigeria’s power problem. By addressing the financial backbone of the generation sector, the Tinubu administration is laying the groundwork for reliable electricity that will power industries, create jobs, and improve lives,” Omo-Ade emphasized.

The two-day summit also reviewed the progress made in the ten years since Nigeria’s power privatization, with stakeholders outlining actionable strategies to build a more sustainable and reliable energy future.

Adebayo concluded by encouraging continued collaboration among all stakeholders — public, private, and regulatory — to ensure that Nigeria achieves lasting energy independence and economic growth.