APGC Rejects N2.8 Trillion Debt Settlement Claims

The Association of Power Generating Companies (APGC) has strongly disputed a report claiming that President Bola Ahmed Tinubu approved a N2.8 trillion settlement for legacy debts owed to electricity generating companies. APGC's Chief Executive Officer, Joi Ogaji, described the report as inaccurate and misleading, emphasizing that the N2.8 trillion figure did not emerge from any official reconciliation process.

Ogaji clarified that the outstanding liabilities arose from bilateral commercial agreements executed within Nigeria's electricity supply industry framework and insisted that the total debt should be determined through a verified market process. She noted that no additional reconciliation meetings are scheduled until December 2025, following a tripartite reconciliation exercise in March 2025 involving the generating companies, Nigerian Bulk Electricity Trading Plc, and the Ministry of Finance.

Ogaji urged transparency in the claims and maintained that the reconciliation audit must adhere to the provisions of the bilateral agreements governing the electricity market.