Power Generation Companies Deny Tinubu's Alleged Debt Reduction to N2.8 Trillion
The Association of Power Generation Companies (APGC) has firmly dismissed recent media reports claiming that President Bola Tinubu reduced the Federal Government's legacy debt to power generation companies from N6.5 trillion to N2.8 trillion. In a strongly worded statement released on Monday, the association described these reports as false and misleading, insisting that no official communication has been made to GenCos confirming any such reduction or final settlement.
Official Rejection of Unverified Claims
APGC Chief Executive Officer, Dr. Joy Ogaji, categorically rejected the claims, stating that N2.8 trillion does not represent any verified or agreed settlement figure. "We categorically reject recent media reports suggesting that N2.8 trillion represents a newly verified and final settlement of GenCos' legacy debts. The report is completely inaccurate. It is fake news," she declared emphatically.
Ogaji called on the Presidency to make public any audit findings that might back the reported reduction, urging officials to release detailed documentation explaining precisely how the N2.8 trillion figure was reached. She emphasized that the N6.5 trillion debt is based on verifiable electricity generation and supply data, not arbitrary calculations or inflated estimates.
Transparent Accounting and Market Agreements
According to Dr. Ogaji, power generated by GenCos is properly metered, recorded, and invoiced in strict accordance with established market and bilateral agreements. She stressed that any suggestion that the debt figures were inflated or randomly determined reflects a fundamental misunderstanding of how these obligations accumulated over time through legitimate operational processes.
The clarification from APGC comes amid ongoing tensions between power generation companies and the Nigeria Labour Congress over unpaid sector debts. These financial disputes persist as concerns continue to mount about electricity supply challenges affecting communities and businesses nationwide.
Broader Implications for Nigeria's Power Sector
This development highlights several critical issues facing Nigeria's power sector:
- Financial Transparency: The need for clear, documented communication regarding debt settlements
- Operational Stability: How unresolved debts impact electricity generation and distribution
- Labor Relations: The ongoing tensions between GenCos and labor organizations
- National Infrastructure: The broader implications for Nigeria's power supply reliability
As the situation develops, stakeholders across the energy sector await official clarification from government authorities regarding the actual status of these legacy debts and any potential resolution strategies that might be under consideration.
