On Friday, President Bola Tinubu requested that power generation companies (GenCos) grant the Federal Government additional time to finalize the verification and validation of longstanding debts owed to them.
At a meeting held at the Presidential Villa in Abuja with members of the Association of Power Generation Companies, headed by Col. Sani Bello (retired), the President pledged his administration’s dedication to addressing liquidity issues within the power sector.
Olu Verheijen, the Special Adviser to the President on Energy, announced that a ₦4 trillion bond program has received preliminary approval from Tinubu to address the sector's liquidity shortfall.
Tinubu recognized the longstanding issues passed down from earlier administrations and promised to address them with transparency and fairness.
"I acknowledge the assets and liabilities passed down from my predecessors, leaving no room for doubt. However, this acknowledgment must be grounded in credible evidence. I need to examine it with an emphasis on verification and authenticity, ensuring that this inheritance serves as a robust support system for vital economic and industrial advancement rather than just being superficial," Tinubu said in a statement released by presidential spokesman Bayo Onanuga.
The President stressed the importance of patience from GenCos and financial institutions, highlighting that government agencies are actively collaborating with audit and legal firms to examine the claims.
"We're available, so please inform your other colleagues. Allow us some time to verify and validate the numbers," he stated.
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