Power generation companies (GenCos) have said the Federal Government is yet to commence payment of the ₦3.3 trillion power sector debt approved by President Bola Tinubu in April 2026, despite official claims that implementation of the settlement plan had begun.
The Association of Power Generation Companies (APGC) expressed dissatisfaction with the situation, noting that no payments have been received to date, even though the presidency announced the approval as a “full and final settlement” of legacy debts accumulated between February 2015 and March 2025.
GenCos also rejected the Federal Government’s reduction of the debt figure from their claimed around ₦4 trillion to ₦3.3 trillion, insisting that the verified amount remains outstanding and that no disbursements whether in cash, promissory notes, or otherwise have been made to them.
“When the FG floated the N500bn bond, they said they would give GenCos 50 per cent... to date, we have not received a dime,” a GenCo representative was quoted as saying.
The fresh controversy comes months after President Tinubu approved the ₦3.3 trillion payment plan under the Presidential Power Sector Financial Reforms Programme to address liquidity challenges across the power value chain.
The government had earlier raised funds, including through a ₦500 billion bond, with assurances of partial cash payments and other instruments to settle debts owed to GenCos and gas suppliers.
The GenCos’ position highlights ongoing liquidity crises in the power sector, which continue to affect electricity generation and supply despite repeated government interventions and debt settlement announcements.
The Federal Government is yet to issue an official response to the latest claims by the GenCos as of Tuesday.
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