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•We are already settling the debts amounting N4trn – FG•It’s N7trn, no payment has happened – GENCOs
By Ediri Ejoh
The Federal Government has said it is offsetting the power sector’s debt, which it said has risen to about N4 trillion.
This came as the Generation Companies, GENCOs, fault the claims, insisting that the sector has incurred over N7 trillion debt on its government services.
Speaking at the Nigerian-British Chamber of Commerce Energy Day 2026, held in Lagos, Special Adviser to the President on Oil and Gas, Mrs. Olu Verheijen, stated that Tinubu’s administration is restoring financial viability to the gas-to-power chain, adding that for years, the power sector was constrained by accumulated arrears, weak payment discipline and tariff distortions.
She said that the Presidential Power Sector Debt Reduction Programme was built to address the challenges directly.
According to her the Federal Executive Council approved a bond programme of up
