Ogaji, APGC CEO, says she was unaware of payments to any GenCo, urges FG to publish beneficiaries’ names
Oredola Adeola
The Federal Government said it has already disbursed ₦223 billion to 15 power generation companies and is preparing to release the remaining ₦278 billion of the first tranche to settle long-standing debts accumulated between February 2015 and March 2025.
These payments are part of the ₦501 billion bond floated on January 27–28, 2026, to address legacy obligations in the power sector, with further disbursements currently underway to ensure that all stakeholders in the electricity value chain are fully settled.
Bayo Onanuga, President’s Special Adviser on Information and Strategy disclosed this in a statement issued on Sunday.
Advisers Reporter gathered that the government had earlier agreed on a total of ₦3.3 trillion as full and final settlement of the sector’s legacy debts, with ₦501 billion designated as the first tranche to begin repayment to power companies.
Meanwhile Onanuga in the statement stated that of that figure, 15 power generation companies have signed settlement agreements covering about ₦2.3 trillion.
He noted that the repayment plan follows a comprehensive review of the legacy liabilities that have burdened Nigeria’s power sector for over a decade, with the aim of restoring financial stability and boosting investor confidence in the industry.
Following the verification process, a total of ₦3.3 trillion has been agreed as a full and final settlement, in what Onanuga described as a move aimed at ensuring a fair and transparent resolution of the long-standing obligations.
The initiative, according to him, is expected to have far-reaching implications for electricity supply across the country.
With funds flowing through the power value chain, stakeholders say generation capacity is likely to become more stable, while improved liquidity for power plants is expected to enhance overall electricity reliability.
Olu Arowolo-Verheijen, Special Adviser to the President on Energy, in her comment on the development, said the programme goes beyond debt settlement and is designed to rebuild confidence in the sector.
According to her, the reforms will ensure that gas suppliers are paid, power generation companies remain operational, and the electricity system functions more efficiently.
She added that the initiative is part of a broader reform agenda under President Bola Tinubu, which includes improved metering and the implementation of service-based tariffs that align electricity costs with the quality of supply.
The government is also prioritising electricity supply to businesses, industries, and small enterprises, recognising the critical role of reliable power in job creation, economic growth, and improved livelihoods.
Meanwhile, Ogaji Joy, Chief Executive Officer (CEO) of Association of Power Generation Companies (APGC) said that she is not aware of the disbursements.
She challenged the Special Adviser to President Bola Tinubu on Energy to publish the names of beneficiaries and the amounts allocated, stressing the need for full transparency in the process.
