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Buhari begs Biden for money *Says, Nigeria needs $1.9trillion to develop power sector
President Muhammadu Buhari, is begging his US counterpart, Joe Biden for assistance in Nigeria’s development of the energy sector, which is expected to gulp no less than $1.9trillion by the time it is expected to mature fully in the next 50 years.
In a well-laid out speech on Tuesday in Washington, USA, where he restated the determination of the Nigerian government towards achieving the vision of 30 Gigawatts of energy by the year 2030, Buhari pleaded with POTUS, to assist Nigeria with its financial muscle to achieve the dream of optimal development of the sector by 2060.
Buhari, who presented his perspective during the discussion panel on Just Energy Transition at the ongoing US-Africa Leaders Summit in the American city, used the opportunity to outline the comprehensive Energy Transition Plan unfolded by his administration in response to the issues associated with the climate change.
His words: “As part of the National Renewable Energy and Energy Efficiency Policy, we set the vision 30:30:30 which aims at achieving 30GW of electricity by 2030 with renewable energy contributing 30% of the energy mix. Last year, Nigeria became the first African country to develop a detailed Energy Transition Plan to tackle both energy poverty and climate change, and deliver SDG7 by 2030 and net-zero by 2060.
“Our Federal Executive Council approved the plan earlier this year and adopted it as a national policy. As part of the plan, we intend to completely eliminate the use of petrol/diesel generators by 2060 and therefore need to deploy renewables, particularly solar, at an unprecedented scale. For instance, the Energy Transition Plan requires that 5.3 GW of Solar be deployed annually until 2060 to achieve our targets.”
Stressing that the Nigerian government had embarked on several reforms, one of the best in Africa, on mini-grid regulations as well as the integration of renewable energy into the national grid, he disclosed some of the reforms which have positively impacted the energy sector in Nigeria, adding: “Our aggressive power sector reforms have resulted in cost-reflective tariffs in the power sector for the first time since privatization. Under the Nigeria Electrification Project, over 4 million people have been impacted through solar mini-grids and solar stand-alone systems. With respect to hydro, the Zungeru hydropower project is nearing completion and will add 700MW in capacity to the grid.”
Also emphasising the resources that the administration has committed towards the realisation of the vision, the Nigerian leader however, called for “considerable financial and technical support” to achieve the goals, he outlined the financial implications of the energy transition agenda.
“For instance, our analysis shows that delivering the Energy Transition Plan requires $1.9 trillion spending up to 2060, including $410 billion above business-as-usual spending. This additional financing requirement translates to a $10 billion investment needed per annum. Between 2000 and 2020, just $3 billion per year was invested in renewable energy in the whole of Africa.
“Consequently, the $10 billion per year target of our Energy Transition Plan represents a significant scaling of current investment flows and we need support from the U.S. to mobilise the needed resources. It is important to note that for African countries, the cost of finance and perceived investment risk remains significantly higher than for developed economies despite vast improvements in stability and governance. For our clean energy market to scale, Nigeria and more broadly Africa needs concessional, low-interest capital-led investments.
“Furthermore, we believe that the Nigeria Energy Transition Plan and the net-zero compliant investment pipeline we have developed is prime for a just energy transition partnership like the one offered to South Africa and, more recently, Indonesia. Nigeria too seeks support from the US to be included in the G7’s Climate Partnerships List for the co-creation of a Just Energy Transition Partnership,” the President, said, while calling on US businessmen and the global community to tap “into the innovation and potential returns in our enormous market which is yet to be fully optimized.”
President Bola Tinubu, on Tuesday, secured the nod of the House of Representatives to borrow $516,333,700 million in syndicated financing from Deutsche Bank AG.
The approval was consequent upon the presentation of a report by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans, and Debts Management, who said that the loan is expected to fund the construction of sections of the Sokoto–Badagry Super Highway.
Tinubu in a letter to the National Assembly, last week, seeking the $516.3 million loan from Deutsche Bank to support the construction of the road, had said the facility, to be sourced from a syndicated financing facility, would fund sections 1, 1A, and 1B of the project, which covers about 120 kilometres.
Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing for Sections 1, Phase 1A, and Phase 1B of the project.
The project is a flagship initiative of Tinubu’s Renewed Hope Agenda and is targeted at enhancing national connectivity, improving the movement of goods across key economic corridors, and drastically shrinking travel time.
The 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela in the northwestern state to Badagry.
According to him, the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
He said the Federal Government will provide counterpart funding of over ₦265 billion for land acquisition, compensation, and related infrastructure.
The former Lagos governor said the loan is structured for nine years and includes a three-year grace period.
It has an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.
Already, the Federal Executive Council (FEC), Nigeria’s apex decision-making and advisory body to the president on policy, has approved the financing plan.
The Nigerian National Petroleum Company (NNPC) Limited has denied reports that it is selling scrap materials, equipment, or components from its refineries to individuals and private companies.
A Friday statement titled ‘Fraudulent Claims on Sale of Refinery Scrap and Equipment’ issued by its Chief Corporate Communications Officer, Andy Odeh, in Abuja, described the circulating reports as misleading and false.
“The Company wishes to categorically state that this information is untrue. NNPC Limited has not issued any request for bids, tenders, expressions of interest, or approvals for the sale of scrap materials, refinery components, or any items from the warehouses or inventories of any of its refineries”.
It also distanced itself from persons reportedly presenting themselves as the company’s representatives or agents, claiming to facilitate the sale of so-called “scrap metals” or refinery equipment.
“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public.”
The Company therefore advised the public, corporate organisations, and industry stakeholders to disregard any such claims or solicitations and to exercise caution in dealing with anyone making such representations.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of scrap metals, equipment, or refinery components from any of its facilities”, the statement added, saying that any legitimate disposal of assets by NNPC Limited will only be conducted through established and transparent processes, publicly communicated through the Company’s official channels and in accordance with applicable regulations.
“Members of the public who encounter individuals or entities making such claims are encouraged to report the matter to the appropriate law enforcement authorities.
“NNPC Limited remains committed to transparency, accountability, and the responsible management of national energy assets”, the statement added.
“Disorder cannot be rebranded as authenticity simply because it occurs in public. The allegations regarding judicial interference are equally speculative and irresponsible,” were the words with which the Presidency, pushed back on Saturday to the allegation suppression of democracy in Nigeria by the African Democratic Congress (ADC).
Sunday Dare, spokesman to President Bola in a quick riposte after the ADC’s National Legislators Serving and Former Forum criticised President Bola Tinubu over remarks describing the convention as “noise and a street convention,” dismissed the coalition party as suffering from internal disarray.
Ukeje, on the heels of the ADC national convention recently at the Rainbow Event Centre in Abuja, despite a last-minute alleged attempt to block the gathering had argued that Nigeria is at a critical democratic juncture and accused the administration of shrinking political space.
The group also referenced Tinubu’s past as an opposition leader who once advocated political pluralism and judicial independence, saying his current leadership posture appears inconsistent with those democratic values.
Dare, who described the ADC as a party struggling to maintain “coherence and balance” in a statement titled: ‘WHAT’S THAT NOISE! Response to Hon. Nnenna Elendu Ukeje and the ADC Forum of National Legislators- Nigeria’s latest bunch of conspiracy theorists,’ wrote: “Even before the official commencement of the election season and before the Polls open, the “opposition”, a hurriedly stitched together contraption in search of a launch pad are screaming blue murder.
“The script is familiar: attack and blackmail the President, discredit and second guess the electoral process and hold Press briefings to flaunt unsubstantiated allegations and lies against the administration.
“All of these so that the international community will “help” them. In Honorable Nnenna, the ADC legislators found someone fit for the role. As former chair, foreign affairs committee, 7th and 8th House of Representatives she was their best voice.
“Sadly, ADC will need more than the sophistry and phonetics in her delivery. Let’s begin to tear apart her claims and that of her ADC Forum. The so-called ADC National Legislators Coalition delivered an outing remarkably full of theatrics but expectedly short on substance, restraint, and constitutional fidelity.
“What Nigerians just witnessed from the ADC motley crowed is not a principled defense of democracy, but a calculated attempt to weaponize rhetoric, manufacture outrage, and distract from internal disarray within a political party struggling to maintain coherence and balance. Ironically, the ADC press conference began on a note of truth.
“In their own words, they painstakingly chronicled the democratic credentials of President Bola Ahmed Tinubu—his historic role in strengthening opposition politics, expanding democratic space, defending pluralism, and standing firm even under military and authoritarian pressures.
“They reminded Nigerians that he mobilized resistance, nurtured political contestation, and remained a central pillar in sustaining democratic governance.
“On that point, they were correct and that is because they could not change that solid democratic foundation and narrative of President Bola Tinubu. Let’s give them some acknowledgement for stating it plainly.
“But having established those facts, they took a curious turn—attempting, without evidence, to portray the very same individual as a threat to the democratic values he has consistently upheld.
“That contradiction is not just weak—it is intellectually untenable. A leader’s record is not a switch that flips overnight. The same discipline, convictions, and democratic instincts that defined President Tinubu’s political journey have not suddenly evaporated.
“You cannot spend the first half of a press conference affirming a man’s lifelong commitment to democracy, and the second half alleging—without proof—that he has abandoned it. It simply does not hold.
“On the specific issue that triggered this reaction: the President did not mention the ADC—by name or by implication. His remarks were general, as is consistent with his style as a national leader addressing a broad audience.”
Dare noted that the decision by the ADC to assume those remarks were directed at them is, at best, an exercise in self-indictment. If the description of “noise” resonates, perhaps the issue is not with the statement—but with the conduct it reflects.
“This is not a matter of suppression; it is a matter of standards. Democracy thrives on competition, yes—but it also demands organization, coherence, and credibility. Disorder cannot be rebranded as authenticity simply because it occurs in public. The allegations regarding judicial interference are equally speculative and irresponsible.
“Nigeria’s judiciary remains constitutionally independent, and no amount of conjecture can substitute for evidence. Attempting to cast doubt on the integrity of the courts based on political disagreements is a dangerous path—one that weakens institutions rather than protects them.”
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