Power generation companies have said the Federal Government is yet to begin payment of the ₦3.3tn electricity sector debt approved by President Bola Tinubu in April, despite claims that implementation has started.
The GenCos, under the Association of Power Generation Companies (APGC), also rejected the government’s reduction of the debt from about ₦4tn to ₦3.3tn, insisting the full amount remains outstanding.
APGC CEO Joy Ogaji said during a webinar on Monday that no company had received payment.
“You know that this acceptance of the government is like a moving target… from ₦3.3tn or ₦2.8tn, to date, we have not received a dime. Nothing has been received by the GenCos,” she said.
President Bola Tinubu had approved the debt settlement under the Presidential Power Sector Financial Reforms Programme. Presidential spokesman Bayo Onanuga earlier said ₦3.3tn was agreed as a “full and final settlement” of debts between 2015 and 2025, following verification.
He also said implementation had begun, with 15 power plants signing agreements worth ₦2.3tn and ₦501bn raised for payments.
But Ogaji maintained that no disbursement had reached GenCos. “The ₦500bn bond… they’ve not even finished disbursing,” she said.
She added that the revised figure was not accepted by operators: “We have not accepted ₦3.3tn… we owed gas suppliers over ₦4tn.”
According to her, gas suppliers also rejected any debt cut, insisting full payment.
Ogaji said only five GenCosm Geregu, Ibom Power, FIPL, NDPHC and Mabon Energy accepted the bond terms and are receiving payments.
“When the FG floated the N500bn bond, the GenCos rejected it except for five… These are the ones receiving payments,” she said.
She warned that unresolved obligations could push sector debt beyond ₦7tn, while the government insists reforms and settlements are ongoing to stabilise the power sector.
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