I welcome you all to this meeting whose purpose is firstly, to familiarize ourselves with our colleagues with whom we shall be working closely for the next four years GOD willing; secondly, to reflect and assess the country’s position in 2015 and today; ...
... and thirdly, to chart a course for the country for the foreseeable future.
I congratulate all the new comers who your country has chosen above others to join the first term Ministers whose performance has been outstanding. All of you are appointed to assist and advise the President in running the affairs of our country.
At the end of the Retreat, it is hoped that all of you will be in tune with the roles and responsibilities of positions you will occupy in Government. Many national issues require unified decisions.
It is a great privilege for you to be called upon to serve in these Great Offices of State and you must grasp the chance with two hands and put in your best efforts as Nigeria today needs top managers to handle our numerous challenges.
There will be long hours and you must be prepared to live laborious days if we are to serve our people optimally.
Ladies and gentlemen, we are all aware of the looming demographic potential of our country. By average estimates, our population is close to 200 million today. By 2050, UN estimates put Nigeria third globally behind only India & China with our projected population at 411 million.
This is a frightening prospect but only if we sit idly by and expect handouts from so-called development partners. The solution to our problems lies within us.
Honourable Ministers-Designate, in our first term we identified three salient areas for close attention and action, namely to secure the country, to improve the economy and to fight corruption.
None but the most partisan will dispute that we have made headway in all three areas:
First - we have rolled back the frontiers of terrorism; we are actively addressing other challenges such as kidnappings, farmer-herder violence, improving the safety of our roads, railways, air traffic and fire control capacities.
Second - we are steadily turning the economy round through investment in agriculture and manufacturing, shoring up our foreign reserves, curbing inflation and improving the country’s infrastructure.
Third – on corruption, we have recovered hundreds of billions of stolen assets and are actively pursuing control measures to tackle leakages in public resources. We will not let up in fighting corruption.
As Ministers, I am counting on you together with Advisers and Nigerians willing and able to contribute to build upon our road map of policies, programmes and projects that will lift the bulk of our people out of poverty and set them on the road to prosperity.
Our Administration’s eight years will have laid the grounds for lifting 100 million Nigerians out of poverty in 10 years. This outcome will fundamentally shift Nigeria’s trajectory and place us among the World’s Great Nations.
Honourable Ministers-Designate, you will be responsible for the development and implementation of policies, programmes and projects in your various Ministries, Departments and Agencies in line with Government priorities.
You must also ensure that Agencies under your Ministries are effective, efficient and accountable in the discharge of their responsibilities.
Honourable Ministers-Designate, we must work as a team. Although you have been chosen to represent your states as a constitutional imperative, it is vital for all of you to work as Nigerians.
Furthermore, working as a team demands that we know what the next person is doing. You must open communications with your colleagues. Lack of communication leads to lack of cooperation and sub-optimal performance.
Finally, although this is called a Retreat, I would like to think this is a preparation for an advance to the Next Level. Thank you ladies and gentlemen. I wish you fruitful deliberations. //
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Nigeria’s Power Sector Financial Reforms: Setting the Facts Straight
The Federal Government of Nigeria is implementing a structured and balanced reform programme to address longstanding financial challenges in the power sector. At the core of this effort is a market-based settlement mechanism designed to restore the sector, not reward accumulated claims that extend beyond verifiable service delivery. The objective is to ensure fairness to operators while also protecting the interest of the Nigerian public.
Between 2015 and 2025, the sector accumulated approximately ₦4.7 trillion in claims across the electricity value chain. Following a Presidential stakeholder meeting in July 2025 where the claims of N4.7trillion were presented, a thorough review was recommended by President Bola Tinubu. On August 15, 2025, a ₦4 trillion fiscal cap was approved by the Federal Executive Council following which a comprehensive verification process was undertaken to verify claims.
This resulted in a 30 percent reduction in claims, leading to a final negotiated settlement of ₦3.3 trillion, reflecting only valid and contract-backed obligations.
To ensure sustainability and avoid fiscal pressure, the settlement is being implemented through a phased, market-based financing framework.
•Total Series I Programme Size: approximately ₦1.23 trillion
•Series I, Phase I (January 2026): ₦501 billion raised from the domestic capital market
Disbursement is already underway:
•₦223 billion has been disbursed to Generation Companies and gas suppliers
•₦197 billion is in process, largely for gas-related obligations
All disbursements are phased and conditional, based on verified claims, signed settlement agreements, and completed documentation.
Implementation Progress
•As at January 8, 2026:
Five (5) Generation Companies covering fourteen (14) power plants had signed settlement agreements valued at approximately ₦827 billion
•As at March 31, 2026:
Eight (8) Generation Companies (2 public and 6 private), covering seventeen (17) power plants, have signed their settlement agreements valued at approximately ₦2.28 trillion
This reflects growing alignment and participation across the sector.
The financial settlement is also being implemented alongside broader reforms designed to strengthen the sector, including targeted support to ensure affordability for poor and vulnerable households, and tariff reforms aligning higher service bands with cost-reflective pricing to support investment and improve service delivery
The programme is designed to restore liquidity, stabilise generation, improve reliability, and reposition the sector for long-term sustainability.
It also reflects a shift from unverified claims to disciplined, transparent, and market-backed obligations.
Note: This is not a one-off intervention but a structured effort to reset the financial and operational foundations of Nigeria’s power sector.
The Federal Government remains committed to ensuring that the reforms deliver a stable, reliable, and investable electricity market for the benefit of all Nigerians.
Vice President @ProfOsinbajo has accepted the offer of The Commonwealth to lead the Commonwealth Observer Group (COG) constituted by its Secretary-General, the Rt. Hon @PScotlandCSG to observe the general elections in Sierra Leone.
The Secretary-General constituted the observer group, a team of distinguished experts upon the invitation from the Electoral Commission for Sierra Leone for next month's polls in the West African nation.
Following through on his administration’s determination to upgrade and expand the nation’s stock of infrastructure, President @MBuhari will (tomorrow) Tuesday, commission seven legacy projects completed by the Federal Ministry of Works and Housing @FMWHNIG across the country.
Comprising three major Bridges, three Federal Secretariats and a Road, the historic event will be headlined by the Second Niger Bridge which was conceptualized in 2005.
In 2014, there was an attempt to begin the project through Public Private Partnership (PPP) but this was not… twitter.com/i/web/status/1…
ADDRESS BY PRESIDENT @MBuhari AT THE OFFICIAL COMMISSIONING OF THE KASHIMBILLA MULTIPURPOSE DAM, 40MW HYDROPOWER STATION AND ASSOCIATED TRANSMISSION LINE AND DISTRIBUTION SUBSTATIONS (PHASE I), THURSDAY, 18TH MAY, 2023
I am delighted to be commissioning, today, the Kashimbila Multipurpose Dam, 40MW Hydropower Station and Associated 132KV Switchyard, Transmission Line and Distribution Substation (Phase I) Project.
The Kashimbila Multipurpose Dam in Taraba State, with storage capacity of 500million cubic metres, was conceived principally to checkmate the threat of the imminent collapse of the structurally weak and poisonous Lake Nyos…
The Kashimbila Dam was built by the Federal Ministry of Water Resources @FMWRNigeria, and the accompanying Power Plant and Transmission Line by the Federal Ministry of Power. The contract for the project was originally awarded in 2007, with a completion period of 36 months.
Chairman, Takum Traditional Council, Ruler, HRH Ephraim Bala Ashumanu: “We thank @NigeriaGov for this Buffer Dam, which has given birth to electricity & water supply. We thank the FGN for all they have done. We want the Project to give employment to the youth of the communities.”
As a demonstration of his commitment to advancing healthcare management in the country, President @MBuhari will on Friday, May 19, inaugurate the state-of-the-art Presidential/VIP Wing of State House Medical Centre, Abuja.
This legacy project, situated within the premises of the Presidential Villa, had its ground-breaking ceremony conducted by the Chief of Staff to the President, Prof Ibrahim Gambari, on November 1, 2021.