|By Babatunji Wusu
The Association of Power Generation Companies (APGC) has firmly dismissed reports alleging that President Bola Tinubu reduced the Federal Government’s N6.5 trillion legacy debt owed to Generation Companies (GenCos) to N2.8 trillion.
The Chief Executive Officer of APGC, Dr. Joy Ogaji, issued a strong rebuttal on Monday, branding the reports as “false, misleading and completely inaccurate.”
Her reaction followed claims circulating in sections of the media that the Tinubu administration cut down the N6.5 trillion debt to N2.8 trillion after conducting an audit of financial obligations in the power sector.
Ogaji, however, rejected the narrative outright, stressing that no verified or final settlement figure has been officially 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 stated.
She further challenged the Presidency to make public any audit findings backing the reported reduction.
“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 said.
The APGC boss explained that the N6.5 trillion debt figure was not arbitrarily compiled but is rooted in documented electricity generation and supply records.
According to her, electricity generated by GenCos is accurately metered, dispatched to the national grid and captured under established market procedures. These verified megawatt outputs, she noted, form the basis for invoices issued under bilateral market agreements.
“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 maintained.
The development comes amid heightened tension in the power sector, as the Nigeria Labour Congress and GenCos recently traded accusations over the unresolved legacy debt. The lingering financial crisis has intensified concerns about electricity generation capacity and stability across the country.
The controversy is unfolding at a time when millions of Nigerians continue to endure persistent blackouts, with stakeholders warning that unresolved debts could further strain power supply nationwide.
