President Bola Tinubu has urged power generation companies (GENCOs) to grant the Federal Government more time to audit and validate outstanding debt claims, which currently stand at approximately ₦4 trillion.
Speaking during a meeting with GENCO representatives led by Col. Sani Bello (retd) in Abuja, Tinubu acknowledged the legitimacy of the GENCOs’ concerns. He emphasised the need for accuracy and credibility before any settlement is made.
“We must wear the audit cap of verifiability and authenticity,” he stated, insisting that acceptance of past liabilities should be grounded in verified documentation .
Special Adviser on Energy, Mrs. Olu Verheijen, confirmed that the debt includes roughly ₦2 trillion owed for 2024 energy delivery and an additional ₦1.9 trillion in legacy arrears. So far, the Nigerian Bulk Electricity Trading Company (NBET) has validated about ₦1.8 trillion of the claims .
While affirming his administration’s intention to resolve the liquidity crisis in the power sector, Tinubu encouraged patience: “Give us time to do verification and validation of the numbers,” he told the GENCOs .
Sources confirm that the government is considering the issuance of a bond programme to fund verified debts, possibly combining some cash payments with promissory notes or debt instruments covering the rest .
