The Association of Power Generation Companies has rejected claims that N2.8tn represents a newly verified and final settlement of legacy debts owed to electricity generation companies, describing the report as inaccurate and misleading. In a statement issued in Abuja, Chief Executive Officer Joy Ogaji challenged unnamed Presidency sources to publish the audit underpinning the figure, insisting no such reconciliation process had been formally concluded.
The dispute follows reports that Bola Ahmed Tinubu approved N2.8tn as the Federal Government’s verified liability, rejecting a N6tn claim by operators. Ogaji, however, maintained that after a tripartite reconciliation involving GenCos, the Nigerian Bulk Electricity Trading Plc, and government officials, the President had earlier approved N4tn in July 2025 as verified legacy obligations. She warned that revising figures outside the agreed framework could undermine market confidence.
Ogaji attributed the sector’s liquidity crisis to structural issues, including tariff shortfalls, foreign exchange exposure and settlement deficits. She emphasised that all outstanding debts arose from bilateral agreements within the regulated electricity market and must be reconciled transparently to preserve investor confidence and contractual integrity.
