The Association of Power Generation Companies (APGC) has rejected claims that N2.8 trillion represents a newly verified and final settlement of legacy debts owed to electricity generation companies. The association called the reports inaccurate and misleading.
Following, In a statement titled “APGC Position on Misleading Reports Regarding GenCos’ Debt Reconciliation” released on Monday in Abuja, APGC’s CEO, Joy Ogaji, clarified that the N2.8 trillion figure did not result from any officially concluded reconciliation process. She challenged those making the claim to explain how the amount calculated.
Also, The reports, citing unnamed sources from the Presidency, alleged that President Bola Ahmed Tinubu approved N2.8 trillion as the Federal Government’s verified liability for electricity subsidies dating back to 2010. APGC strongly disputes this claim.
What APGC is Saying:
APGC’s CEO, Joy Ogaji, firmly rejected the N2.8 trillion figure, stating it does not reflect any completed reconciliation process. She labeled the report as false and called for transparency from those behind the claim.
“We completely reject the recent media reports suggesting that N2.8 trillion is a newly verified and final settlement of GenCos’ legacy debts. This claim is entirely false and amounts to fake news,” Ogaji said.
“We challenge those unnamed Presidency sources to come forward. Publish your audit report. Issue a formal press release explaining how you arrived at this figure. The claim shows a poor understanding of the debt structure and how these obligations accumulated,” she added.
Moreover, Ogaji emphasize that energy generated by GenCos is meter and documented. The megawatts produced and dispatched to the grid recorded under established market procedures, forming the basis for invoices issued under bilateral agreements. She dismissed any suggestion that the figures are arbitrary as incorrect.
However, She further stressed that any reconciliation or audit of these debts must be conduct transparently and in line with the terms of the bilateral agreements governing the electricity market.
How the Debts Accumulated:
Ogaji explained that the outstanding liabilities stem from bilateral commercial agreements within the Nigerian Electricity Supply Industry framework. These are contractual obligations, not unilateral claims by generation companies. The total debt is determine through a verifiable market process, which includes:
- Metered megawatts generated by GenCos.
- Energy dispatched to the national grid.
- Invoices issued in compliance with market rules.
- Settlement reports prepared by the Nigerian Bulk Electricity Trading Plc (NBET).
Although, She also revealed that, as of December 2025, no additional reconciliation meetings had held by NBET since the tripartite reconciliation exercise in March 2025.
