The Association of Power Generation Companies (APGC) has challenged Presidency sources to disclose how the alleged newly verified and final settlement of legacy debts of N2.8 trillion, owed to electricity generation companies was arrived at.
The association, in a statement titled “APGC Position on Misleading Reports Regarding GenCos’ Debt Reconciliation,” signed by its Chief Executive Officer, Joy Ogaji, said the N2.8 trillion figure did not emerge from any officially concluded reconciliation process
Earlier reports had cited unnamed Presidency sources who claimed that President Bola Ahmed Tinubu approved N2.8 trillion as the Federal Government’s verified liability for accumulated electricity subsidies dating back to 2010.
The APGC, however, strongly refuted the claim, insisting it does not reflect any concluded reconciliation exercise, describing the report as false and urged transparency from those behind the claim.
“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 maintained that any reconciliation or audit of the obligations must be conducted transparently and strictly in line with the provisions of the bilateral agreements governing the electricity market.
