PRESIDENT TINUBU MEETS CHAIRMEN OF GENCOS, PLEDGES TO RESOLVE LONGSTANDING DEBT CLAIMS

 


President Bola Tinubu on Friday appealed to power generation companies (GENCOs) to give the federal government more time to complete the verification and validation of longstanding debts owed to them.

 

During a meeting with members of the Association of Power Generation Companies, led by Col. Sani Bello (rtd), at the Presidential Villa in Abuja, the President assured them of his administration's commitment to resolving the liquidity challenges in the power sector.

 

The Special Adviser to the President on Energy, Mrs. Olu Verheijen, disclosed that a ₦4 trillion bond programme has received anticipatory approval from President Tinubu to address the liquidity shortfall in the sector.

 

President Tinubu acknowledged the historic liabilities inherited from previous administrations and pledged transparency and fairness in addressing them:

 

"I accept the assets and liabilities of my predecessors, and there is no question about that. But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion."

 

The President emphasised the need for patience from GENCOs and financial institutions, noting that government agencies are actively engaging audit and legal firms to scrutinise the claims.

 

"We are here. So market it to your other colleagues. Give us time to do verification and validation of the numbers," he said.

 

While reaffirming his belief in a market-driven electricity sector, the President said the industry's long-neglected legacy issues are now receiving the attention they deserve.

 

"This is a longstanding issue that is now being dealt with. I know how much we have been able to save on fuel subsidies. We introduced the alternative, CNG, to bring relief back to the people."

 

President Tinubu also emphasis

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