Power generation companies have said that discussions with the Federal Government on the N4tn power sector legacy debt are still ongoing
This is despite the Federal Government’s claims that the implementation framework for the N4tn debt reduction had been finalised with the GenCos.
Speaking with The Punch, the Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, confirmed that the operators met with top government officials to discuss modalities for settling the outstanding debts but stressed that no concrete agreement had been reached.
In a statement last week, the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed that the Federal Government had taken a major step toward restoring financial stability and investor confidence in the electricity market with the finalisation of the implementation framework for the Presidential Power Sector Debt Reduction Plan.
She described it as a landmark initiative approved by Tinubu to address structural bottlenecks and lay the groundwork for large-scale private sector-led investment and sustained economic growth.
But Ogaji said there was nothing finalised yet with the Federal Government as far as the N4tn debt was concerned.
The Minister of Power, Adebayo Adelabu, had earlier announced that the Federal Government has approved a N4tn bond for the defrayment of the legacy debt.
But the GenCos said they were not carried along by the Federal Government or the Nigerian Bulk Electricity Trading Company.
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