Special Adviser on Energy, Olu Verheijen, noted that a ₦4 trillion bond has received anticipatory approval, but will only cover verified claims.
President Bola Tinubu has assured power generation companies of the Federal Government’s readiness to settle outstanding debts amounting to ₦4 trillion, pending proper verification.
Speaking during a meeting with the Association of Power Generation Companies at the State House, Abuja, Tinubu said, “I accept the liabilities of my predecessors, but only on credible and verifiable grounds.”
The President urged GENCOs and banks to exercise patience as an audit is underway, stressing that stable electricity is vital for economic development.
Special Adviser on Energy, Olu Verheijen, disclosed that only ₦1.8 trillion of the ₦4 trillion claims from GENCOs between 2015 and 2023 has been validated by NBET so far.
She noted that a ₦4 trillion bond has received anticipatory approval, but will only cover verified claims.
Minister of Power Adebayo Adelabu highlighted rising revenue, halted grid collapses, and recent reforms, but warned that unresolved debts may collapse generation assets.
Industry leaders urged urgent government intervention to prevent foreclosure threats by banks.