GenCos reject FG claims over ₦3.3tn electricity debt settlement
Power generation companies under the umbrella of the Association of Power Generation Companies (GenCos) have pushed back against claims that the Federal Government has begun settling outstanding debts in the electricity sector.
Speaking on the issue, GenCos’ representatives said:
“This acceptance of the government is like a moving target… from ₦3.3tn or ₦2.8tn, to date, we have not received a dime. Nothing has been received by the GenCos.”
They further stated that despite announcements of intervention funds, disbursement has not reached operators:
“The ₦500bn bond… they’ve not even finished disbursing. We have not accepted ₦3.3tn… we owed gas suppliers over ₦4tn.”
According to them, when the Federal Government introduced the ₦500bn bond, most GenCos reportedly declined participation, with only a few companies involved in the payment process:
“The GenCos rejected it except for five… These are the ones receiving payments.”
