The Minister of Power, Mr Adebayo Adelabu on Sunday said that a meeting has been scheduled between President Bola Tinubu and the leadership of the Power Generation Companies(GenCos) over a N4-trillion debt.Mr Bolaji Tunji, Special Adviser, Strategic Communications and Media Relations to the minister of power said this in a statement in Abuja on Sunday.

According to Adelabu, the planned meeting with President Tinubu aims to chart a viable course for resolving the debtAdelabu assured that the Federal Government would immediately pay a significant portion of the debt, while the balance would be settled using financial instruments such as promissory notes within six months. “We recognise the urgency of this matter. The government is committed to resolving this debt to stabilise the sector and prevent further crisis,” Adelabu said.Acknowledging the government’s own role in the sector’s challenges, Adelabu pledged not only to clear the debt backlog but also to implement structural reforms that would remove operational bottlenecks.He emphasised the need for full liberalisation of the power sector and called for the adoption of cost-reflective tariffs.“Citizens must pay the appropriate price for the energy consumed.“The Federal Government will continue to provide targeted subsidies for economically disadvantaged Nigerians, but we must realise that our economy cannot sustain blanket subsidies indefinitely,” he said.The minister also unveiled plans to review existing regulations to lower levies and enhance market stability.He urged GenCos to partner with the government in raising public awareness on efficient electricity use and tariff realities.The GenCos were led by Col. Sani Bello(Rtd), Chairman of Mainstream Energy Solutions, and who is also the Chairman of Association of Power Generating Companies.Bello warned that persistent liquidity challenges had left GenCos unable to service loans or maintain critical infrastructure.“Without urgent intervention, the entire power ecosystem could collapse,” he said.Mr Kola Adesina, Chairman of Egbin Power and First Independent Power Limited, described the situation as a national emergency.He said that reliable power supply was fundamental to the survival of industries, homes, and health facilities.Mrs Joy Ogaji, Chief Executive Officer (CEO) of Association of Power Generation Companies, listed the systemic challenges undermining GenCos, including chronic payment defaults, erratic gas supply, and forex instability.She lamented the steep depreciation of the naira—from ₦157/$1 in 2013 to ₦1,600/$1 in 2024. saying it had devastated GenCos’ ability to meet maintenance obligations and repay loans.“GenCos have borne unsustainable risks from grid failures to unproductive taxes while remaining patriotic,” she said.(NAN)

The Yoruba Youth Assembly (YYA), umbrella body of all Yoruba youth groups, has condemned recent misinformation and character attacks against Mr Seyi Tinubu, President Bola Tinubu’s son. This is contained in a communiqué issued on Sunday following a meeting held in Ibadan with 38 affiliated sister unions in attendance.

The communiqué was signed by the group’s President, Mr Thomas Olarinde, and Spokesperson, Mr Jide Alofe. Daily Asset recalls a factional National Association of Nigerian Students (NANS) President, Atiku Isah, accused Seyi Tinubu of disrupting his Abuja inauguration and locking the venue. The communiqué partly read: “We strongly condemn the baseless allegations by Atiku Isah, claiming thugs linked to Mr Seyi Tinubu assaulted him. “These claims are unfounded, malicious, and politically driven. “His claim of being offered a N100 million bribe is a deliberate falsehood aimed at discrediting reputable individuals like Mr Sunday Asefon.” Olarinde said opposition forces are using Atiku Isah to destabilise the student movement and tarnish dedicated youth advocates’ reputations. The YYA president urged Isah to stop spreading misinformation and stirring confusion, adding that he never participated in the official NANS convention or elections. Olarinde added, “As such, he lacks legitimacy to speak or act as NANS President. “His continued impersonation is deceitful and a calculated move to mislead the student body and general public.” He urged Isah to desist from his actions and stop dragging the Minister of Youth’s office into political controversy. He also asked him to respect Seyi Tinubu, who supports youth development initiatives across Nigeria. Olarinde affirmed Mr Olusola Oladoja as the legitimate NANS President, calling all other claims fraudulent and misleading. He warned that the matter now affects the integrity of student representation across the country. “YYA vowed not to allow impostors to hijack student platforms for selfish political purposes. “We will resist any effort to distort facts or misuse student platforms for manipulation,” he said. (NAN

The Niger Delta Development Commission (NDDC) has warned the public regarding the activities of fraudsters offering non-existent postgraduate scholarships to unsuspecting victims.Mrs Seledi Thompson-Wakama, Director of Corporate Affairs at the NDDC, issued the warning in a statement released in Port Harcourt on Sunday.

She disclosed that the scammers had been soliciting money from members of the public under the pretext of securing scholarship placements. “The attention of the NDDC has been drawn to fraudulent emails and messages sent to applicants of the commission’s Postgraduate Foreign Scholarship Programme,” she said.Thompson-Wakama revealed that the fraudulent emails, purportedly sent from nddcregistry@gmail.com and claiming to be from the NDDC’s ‘Board Registry,’ invite recipients to a fictitious document verification and authentication exercise.According to her, the purported exercise is scheduled to take place from May 19 to May 21 at Bishop Oluwole Street, Victoria Island, Lagos.“Members of the public are hereby advised that the NDDC has no affiliation with this fraudulent selection process,” she stressed.She further clarified that all official communication concerning the commission’s scholarship programme are conducted exclusively through the official NDDC portal: www.scholarship.nddc.gov.ng.“Applicants are strongly advised to disregard any unsolicited messages requesting money, invitation, sensitive information, or offering scholarship placements outside of the official NDDC procedures,” she added.Thompson-Wakama urged anyone who receives such fraudulent emails to report them immediately to the appropriate law enforcement authorities for prompt investigation and action.She encouraged Nigerians interested in the NDDC’s programmes to utilise only the official NDDC communication channels.“We also advise former beneficiaries of the commission’s programmes and prospective applicants to verify all information through the NDDC’s official website official: www.nddc.gov.ng,” she concluded. (NAN)