The Association of Power Generation Companies (APGC) has rejected claims suggesting that ₦2.8 trillion represents a newly verified and final settlement of legacy debts owed to electricity generation companies, describing the reports as inaccurate and misleading.
In a statement titled “APGC Position on Misleading Reports Regarding GenCos’ Debt Reconciliation” issued in Abuja, APGC Chief Executive Officer, Joy Ogaji, said the report did not reflect the outcome of any officially concluded reconciliation process and challenged sources to make public the basis of their computation.
“We categorically reject recent media reports suggesting that ₦2.8tn represents a newly verified and final settlement of GenCos’ legacy debts. The report is completely inaccurate. It is fake news,” Ogaji stated.
The controversy followed reports that President Bola Tinubu had approved ₦2.8 trillion as the Federal Government’s verified liability for accumulated electricity subsidies dating back to 2010, rejecting a ₦6 trillion claim submitted by operators.
Reacting to these claims, Ogaji challenged the unnamed Presidency sources quoted in the report to publish their audit findings. She emphasised that the outstanding obligations to Generation Companies arise strictly from bilateral commercial agreements executed under the Nigerian Electricity Supply Industry framework.
“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.
Ogaji further noted that any reconciliation or audit must be conducted transparently and in line with contractual provisions, underscoring that the obligations are contractual liabilities resulting from power generated, dispatched, and consumed under regulated tariffs.
