 has stepped forward to set the record straight, flatly denying reports that President Bola Tinubu){kind=link}
The Association of Power Generation Companies (APGC) has stepped forward to set the record straight, flatly denying reports that President Bola Tinubu has scaled down the government’s massive debt to power producers from ₦6.5 trillion to ₦2.8 trillion.
Dr. Joy Ogaji, the Chief Executive Officer of APGC, issued a clear rebuttal on Monday, calling the circulating reports both unfounded and deceptive.
The association’s swift response comes after rumors began to spread that the Tinubu administration had essentially cut the ₦6.5 trillion debt down to ₦2.8 trillion following a recent government audit of the power sector’s finances.
However, Ogaji didn’t mince words in her rejection of these claims, maintaining that the GenCos have received no official word or verified documentation regarding such a settlement.
“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,” Ogaji said.
Taking the matter a step further, she challenged the Presidency to back up these reported figures with actual proof.
“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,” she stated.
Ogaji went on to clarify that the ₦6.5 trillion figure isn’t something the companies just made up; rather, it is a sum rooted in years of recorded power generation and supply data.
“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 said.
This high-stakes clarification follows a recent war of words between the Nigeria Labour Congress and the GenCos over the mounting debt, all while the country continues to struggle with an unstable power supply.
The heated dispute is playing out against a backdrop of frustration for millions of Nigerians who are still dealing with frequent and widespread blackouts.