The Association of Power Generation Companies (APGC) has dismissed reports alleging that President Bola Tinubu reduced the Federal Government’s legacy debt to electricity Generation Companies (GenCos) from N6.5 trillion to N2.8 trillion.
The Chief Executive Officer of APGC, Dr. Joy Ogaji, made the clarification in a statement issued on Monday, describing the claims as false and misleading.
Her reaction followed media reports suggesting that the Tinubu administration slashed the N6.5 trillion debt to N2.8 trillion after conducting an audit of the sector’s financial obligations.
Ogaji, however, rejected the claim, insisting that no verified or final settlement figure has been formally communicated to GenCos.
“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 said.
She challenged the Presidency to make public any audit findings backing the reported figure.
“Those Presidency sources should come out openly. Publish your audit report. Issue a formal press release explaining how you arrived at that figure. There is a clear demonstration of poor understanding of the debt structure and how these obligations accumulated,” Ogaji added.
According to her, the N6.5 trillion debt figure was not arbitrarily determined but is based on documented electricity generation and supply records.
“The energy generated by GenCos is metered and documented. The megawatts generated and dispatched to the grid are captured under established market procedures. These form the basis of invoices rendered under bilateral agreements. Any suggestion that figures are arbitrary is incorrect,” she explained.
The clarification comes amid renewed tensions in the power sector, days after the Nigeria Labour Congress (NLC) and GenCos clashed over the lingering debt crisis.
The controversy is unfolding at a time when many Nigerians continue to grapple with persistent blackouts and concerns over electricity supply nationwide.
