APGC Rejects Presidency's ₦2.8tn Debt Audit Claims

The Association of Power Generating Companies (APGC) has rejected claims from the presidency regarding a ₦2.8 trillion debt audit, asserting that the figures represent a newly verified final settlement of legacy debts owed to electricity generating companies. APGC described the claims as inaccurate and misleading.

Joy Ogaji, the CEO of APGC, stated that the report did not reflect the outcome of the official reconciliation process and challenged the presidency to publish the audit findings. The presidency, under Bola Tinubu, approved the payment of ₦2.8 trillion based on verified liabilities accumulated from electricity subsidies dating back to 2010.

Ogaji clarified that outstanding obligations arose strictly from bilateral commercial agreements executed within the Nigerian electricity supply industry framework. She emphasized that the reconciliation audit must be conducted transparently and according to the provisions of the contractual agreements, warning that any revision of figures outside the established framework could undermine market confidence.