The Association of Power Generation
Companies (APGC) has dismissed reports alleging 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 statement released on Monday, APGC Chief
Executive Officer, Dr. Joy Ogaji, described the reports as false and
misleading, maintaining that no official communication has been issued to
generation companies (GenCos) confirming any such reduction or final
settlement.
Recent media reports had claimed that the
Tinubu administration reviewed the sector’s financial records and slashed the
outstanding debt following an audit. However, Ogaji rejected the assertion,
insisting that N2.8 trillion does not represent any verified or mutually 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 stated.
She called on the Presidency to publish any
audit findings supporting the reported reduction, urging authorities to release
detailed documentation explaining how the new figure was derived.
According to Ogaji, the N6.5 trillion debt is
grounded in verifiable electricity generation and supply data rather than
arbitrary estimates. She explained that power generated by GenCos is metered,
recorded, and invoiced in accordance with established market rules and
bilateral agreements.
She added that claims suggesting the debt
figures were inflated or randomly determined demonstrate a misunderstanding of
how the financial obligations accumulated over time.
The clarification comes amid ongoing tensions
between power generation companies and the Nigeria Labour Congress
over unpaid sector debts, as concerns about electricity supply challenges
continue across the country.
Comments:
Leave a Reply