Electricity generation companies want President Bola Tinubu to hasten the plan of meeting with the firms over the N4.7tn power sector debt to the Gencos. While saying there is no date fixed for the meeting yet, the Gencos want the meeting to take place as soon as possible. In a chat with our correspondent, the Managing Director and Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, expressed cautious optimism over the promise that the government would pay the debt. Following a high-level meeting between the Minister of Power, Adebayo Adelabu, and chairmen of Gencos in Abuja, amid mounting fears of a possible collapse of the national grid due to liquidity constraints in the sector, the government announced that Tinubu would meet with the generation companies. The government pledged immediate action to reduce the N4.7tn debt owed to the Gencos. A statement by the power minister’s Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, stated that the Federal Government had resolved to settle a substantial portion of the debt immediately, while the remainder would be cleared through financial instruments such as promissory notes within the next six months.

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