Power Generators Say FG Hasn’t Paid N3.3tn Debt Approved by Tinubu

Power generation companies under the Association of Power Generation Companies say the Federal Government has yet to release any of the N3.3 trillion debt approved by President Bola Tinubu in April. APGC CEO Joy Ogaji told a recent webinar that the government first varied the debt figure from ₦2.3 trillion to ₦2.8 trillion and then to ₦3.3 trillion, yet no payments have been made. She noted that gas suppliers also refuse to accept a reduced settlement after the government cut their due from over ₦4 trillion. Only five plants – Geregu, Ibom Power, First Independent Power, Mabon Energy and NDPHC – signed up for the N500 billion bond and have begun receiving funds. All other generation companies remain unpaid, even as the sector’s total debts swell beyond ₦7 trillion.

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