President Bola Tinubu has urged power generation companies (GENCOs) to give the federal government more time to complete the verification and validation of longstanding debts owed to them.
He recently assured GENCOs of his government’s readiness to resolve the liquidity challenges in the power sector.
Speaking during a meeting with members of the Association of Power Generation Companies at the Presidential Villa in Abuja, the Special Adviser to the President on Energy, Mrs. Olu Verheijen, shared that a ₦4 trillion bond programme has received anticipatory approval from President Tinubu to tackle the liquidity shortfall in the sector.
Tinubu reiterated that the current administration inherited liabilities from former governments, vowing to offer transparency and fairness while 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,” he said.
Emphasising the need for patience from GENCOs and financial institutions, BAT confirmed that government agencies are actively engaging audit and legal firms to scrutinise the claims.
He concluded by saying that Nigeria’s electricity sector’s long-neglected legacy issues are finally getting the attention they deserve.
“We are here. So market it to your other colleagues. Give us time to do verification and validation of the numbers.
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.
To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together,” he added.
