The Association of Power Generation Companies, APGC, has debunked reports alleging that President Bola Tinubu reduced the Federal Government’s power sector legacy debt owed to Generation Companies (GenCos) from N6.5 trillion to N2.8 trillion.

The Chief Executive Officer of APGC, Dr. Joy Ogaji, made the clarification in a statement issued on Monday, describing the reports as false and misleading.

Her reaction follows claims that the Tinubu administration slashed the N6.5 trillion debt to N2.8 trillion after conducting an audit of the sector’s financial obligations.

Ogaji, however, firmly rejected the report, insisting that no such verified or final settlement figure has been communicated to GenCos.

“We categorically reject recent media reports suggesting that N2.8 trillion represents a newly verified and final settlement of GenCos’ legacy debts. The report is completely inaccurate. It is fake news,” Ogaji said.

She challenged the Presidency to publicly release any audit findings supporting the reported figure.

“Those Presidency sources should come out openly. Publish your audit report. Issue a formal press release explaining how you arrived at that figure. There is a clear demonstration of poor understanding of the debt structure and how these obligations accumulated,” she stated.

Ogaji further explained that the N6.5 trillion debt was not arbitrarily determined, stressing that it reflects documented electricity generation and supply records.

“The energy generated by GenCos is metered and documented. The megawatts generated and dispatched to the grid are captured under established market procedures. These form the basis of invoices rendered under bilateral agreements. Any suggestion that figures are arbitrary is incorrect,” she said.

The clarification comes days after the Nigeria Labour Congress and GenCos clashed over the lingering power sector debt, amid growing concerns over electricity supply.

The controversy is unfolding at a time when many Nigerians continue to grapple with persistent blackouts across the country.