Nigerian govt yet to pay N3.3tn power sector debt approved by Tinubu – GenCos

Power Power Generation Companies, GenCos, has raised an alarm that the Nigerian government is yet to pay  N3.3 trillion approved for the power sector by President Bola Ahmed Tinubu. 

The Chief Executive Officer of the Association of Power Generation Companies, Dr. Joy Ogaji disclosed this in a recent webinar. 

DAILY POST reports that in April 2026, presidential spokesperson, Bayo Onanuga, had announced that President Tinubu had approved a N3.3 trillion power sector debt settlement. 

According to Ogaji, the government’s debt figures remained a ‘moving target.’

She insisted that while the Nigerian government-approved N3.3 trillion power sector debt accumulated between February 2015 and March 2025, GenCos believe that the figure stood at N7 trillion.

​Ogaji explained that the separate N501 billion bond raised between December and January to settle a negotiated N827.16 billion chunk of current debt remain unsettled. 

According to her, only five GenCos operating 14 plants (Geregu, Ibom Power, FIPL, NDPHC, and Mabon Energy) signed onto it because it required others to take a massive 50 percent cut. 

“The last one was N3.3tn before they appointed a new special adviser on power. Now, let me tell you that from that N3.3 trillion or N2.8 trillion, to date, we have not received a dime. Nothing has been received by the GenCos,” she stated.