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 tripartite audit that reviewed outstanding claims.
The approval comes after operators initially presented claims amounting to about ₦6 trillion. However, the audit process reportedly reduced the figure by more than half after verification and reconciliation of submitted invoices and subsidy records.
The development is expected to ease liquidity pressures in the power sector, where generation companies have repeatedly raised concerns over mounting debts affecting operations, gas supply payments, and overall electricity output.