The federal government has appealed to power generation companies (GENCOs) to give it more time to complete the verification and validation of longstanding debts owed to the companies.
President Bola Ahmed Tinubu made the appeal during a meeting with members of the Association of Power Generation Companies, led by Colonel Sani Bello (rtd), at the Presidential Villa in Abuja.
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.
While acknowledging the historic liabilities inherited from previous administrations, 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, revealed that a ₦4 trillion bond programme has received anticipatory approval from President Tinubu to address the liquidity shortfall in the sector.