Federal Government yet to pay N3.3tn power debt approved by President Tinubu, say generation companies
via Punch Nigeria3 min read
Nigerian power generation companies GenCos, under the Association of Power Generation Companies APGC, state that the Federal Government has not yet begun payment of the N3.3tn power sector debt approved by President Bola Tinubu in April. Despite official assurances that the settlement plan had commenced, APGC Chief Executive Officer Joy Ogaji confirmed that most generation companies have not received any payment. The GenCos also rejected the government's reduction of the debt from approximately N4tn to N3.3tn, insisting the full amount remains outstanding. Ogaji noted that the N501bn bond raised by the government for payments is still being disbursed and that only five generation companies—Geregu, Ibom Power, FIPL, NDPHC, and Mabon Energy—agreed to the terms of the bond program, which involved a 50 percent cut of their current debts.
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