Power generation companies have said the Federal Government is yet to begin the payment of the N3.3tn power sector debt approved by President Bola Tinubu in April, despite official assurances that implementation of the settlement plan had commenced.
The generation companies, under the aegis of the Association of Power Generation Companies, also rejected the Federal Government’s reduction of the debt from about N4tn to N3.3tn, insisting that the full amount remains outstanding.
Speaking during a webinar on Monday organised by the APGC, the association’s Chief Executive Officer, Joy Ogaji, said no payment had been made to most generation companies under the debt settlement arrangement.
“You know that this acceptance of the government is like a moving target. Earlier, the government said the debt was N2.3tn. About a month or two after, it increased to N2.8tn.
“The last one was N3.3tn before they appointed a new special adviser on power. Now,
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