President Bola Ahmed Tinubu has approved ₦2.8 trillion as the Federal Government’s verified electricity subsidy debt owed to power generation companies (GenCos), following a comprehensive tripartite audit of outstanding claims.
The approval comes after GenCos initially submitted claims totaling around ₦6 trillion. The audit process, which involved verification and reconciliation of submitted invoices and subsidy records, reportedly reduced the figure by more than half.
Officials say the development is expected to relieve liquidity pressures in the power sector, where GenCos have repeatedly raised concerns about mounting debts affecting operations, gas supply payments, and overall electricity output.
