Power Generation Companies (GenCos) have asked Bola Ahmed Tinubu to provide clarity on the Federal Government’s reported N3.3 trillion debt to operators in Nigeria’s electricity sector, citing inconsistencies with industry records.
The companies said the figure announced by the government does not align with amounts previously agreed upon during reconciliation exercises involving key market participants and regulatory agencies.
They are demanding a detailed breakdown of how the debt was calculated to ensure transparency and maintain confidence in the sector.
The concern comes as the Federal Government begins implementing a N3.3 trillion repayment plan aimed at clearing longstanding liabilities and improving power supply nationwide.
According to the Presidency, the figure represents a final settlement following a comprehensive review under the Presidential Power Sector Financial Reforms Programme, covering debts accumulated between February 2015 and March 2025.
So far, 15 power plants have signed settlement agreements worth N2.3 trillion.
Government sources say N501 billion has been mobilised to fund the process, with N223 billion already disbursed while further payments continue.
Despite this progress, GenCos insist the publicly stated figure differs from reconciled outcomes reached in March 2025.
The Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, stressed the need for clarity, noting that all figures presented must reflect mutually verified records.
Industry experts have also raised concerns, warning that discrepancies in financial disclosures could complicate efforts to resolve the sector’s longstanding liquidity crisis.
They argue that without a clear and consistent breakdown—including legacy debts, subsidy gaps, and other obligations—stakeholders may struggle to align on a sustainable repayment framework.
The development highlights ongoing tensions in Nigeria’s power sector, where efforts to stabilise electricity supply remain closely tied to resolving deep-rooted financial challenges.