Tinubu Decries ‘Terrible’ 2013 Power Privatisation, Vows Decisive Reforms

ABUJA – President Bola Ahmed Tinubu has launched a scathing critique of Nigeria’s 2013 power sector privatization, describing it as a “terrible” legacy handed down by previous administrations that has effectively “gifted” the nation with persistent darkness rather than reliable energy.

​Speaking at the Presidential Villa, the President attributed the country’s current energy paralysis to the structural flaws and poor long-term planning of past leaders. He argued that the privatization exercise—meant to attract investment and improve efficiency—has largely failed to meet its objectives, leaving over 90 million Nigerians without access to the national grid.

​“Blame the electricity issue on leaders who gave us terrible privatization of the sector,” Tinubu stated. “They gave us darkness, and we are trying to get ourselves through that to build a nation of bright hope.”

​A Legacy of “Structural Failure”

​The President’s remarks come at a time when the administration is grappling with the fallout of what he termed a mismatch between short-term funding and long-term infrastructure needs. He noted that instead of the promised prosperity, the 2013 reforms resulted in stagnant grid capacity and a liquidity crisis that has hobbled Generation Companies (GenCos) and Distribution Companies (DisCos).

​According to recent data, only about 60 percent of the electricity supplied to the grid is currently being paid for, a gap that has necessitated massive federal intervention.

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​Reclaiming the Grid

​Despite the grim assessment, the President emphasized that his administration is not merely lamenting the past but actively dismantling the “structural failures” he inherited. Key to this strategy is the recently approved ₦3.3 trillion payment plan aimed at settling legacy debts within the power sector accumulated over the last decade.

​The administration’s roadmap for 2026 includes:

• ​Decentralization: Leveraging the Electricity Act to allow state governments to regulate and manage their own power markets.

• ​Recapitalization: A renewed push for the reorganisation of DisCos to ensure they are financially capable of upgrading aging infrastructure.

• ​Debt Resolution: Settling ₦2.3 trillion in agreements with 15 power plants to restore investor confidence and stabilize gas supply.

​Optimism Amidst Hardship

​While acknowledging the frustration of citizens facing frequent outages, President Tinubu maintained that the “difficult decisions” being made today are the only pathway to long-term stability. He called for national unity, insisting that the vision of a prosperous Nigeria remains achievable through sustained reforms and collective effort.

​“We are not just settling debts; we are restoring confidence,” the President noted, adding that the goal is to create a commercially viable energy space that can finally power Nigeria’s industrial ambitions.