The Association of Power Generation Companies (APGC) has dismissed reports claiming that President Bola Tinubu reduced the Federal Governments 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, insisting that no official communication has been made to GenCos confirming any such reduction or final settlement. The reports had suggested that the Tinubu administration reviewed the sectors financial records and slashed the outstanding debt after an audit. However, Ogaji rejected the claim outright, stating that N2.8 trillion does not represent any verified or 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 said.She called on the Presidency to make public any audit findings backing the reported reduction, urging officials to release detailed documentation explaining how the figure was reached. According to her, the N6.5 trillion debt is based on verifiable electricity generation and supply data, not arbitrary calculations. She explained that power generated by GenCos is properly metered, recorded, and invoiced in line with established market and bilateral agreements. Ogaji stressed that any suggestion that the debt figures were inflated or randomly determined reflects a misunderstanding of how the obligations accumulated over time. The clarification comes amid ongoing tensions between GenCos and the Nigeria Labour Congress over unpaid sector debts, as concerns persist about electricity supply challenges nationwide. The post GenCos refute claims Tinubu cut Power sector legacy debt to N2.8tn appeared first on Linda Ikeji Blog.
