Power generation firms dispute presidency’s N2.8tn debt audit
The Association of Power Generation Companies, led by Joy Ogaji, has rejected claims from presidency sources that N2.8tn is the verified and final settlement of legacy debts owed to electricity generation companies. The group described the figure as inaccurate and called for transparency in the audit process. Ogaji emphasized that the debts arose from contractual agreements and insisted that any reconciliation must be conducted transparently. Several reconciliation meetings and approvals involving the Federal Government and industry stakeholders were highlighted.
What we know
- Joy Ogaji stated that the N2.8tn figure does not reflect any officially concluded reconciliation process and labeled recent media reports as misleading.
- The presidency reportedly approved N2.8tn as the Federal Government’s verified liability for accumulated electricity subsidies dating back to 2010, rejecting a higher N6tn claim.
- Ogaji recalled that after a tripartite reconciliation in July 2025, Tinubu approved N4tn in recognition of verified legacy obligations.
- She disclosed that as at December 2025, no further reconciliation meeting had been convened by NBET following the March 2025 tripartite reconciliation exercise.
- The APGC warned that altering reconciled figures without formal engagement could undermine market confidence and investor trust.
