Atiku: GenCos’ revelation exposes Tinubu’s power debt deception

Former Vice President Atiku Abubakar has accused the administration of President Bola Tinubu of misleading Nigerians over the settlement of debts owed to electricity generation companies, GenCos, following claims by industry operators that a widely publicised ₦501 billion bond has not been fully disbursed.

Atiku, in a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said recent comments by the Executive Secretary of the Association of Power Generation Companies (APGC), Dr. Joy Ogaji, had exposed what he described as the Federal Government’s “deception” regarding the settlement of liabilities in the power sector.

According to him, the government’s repeated announcements of bond issuances to clear power sector debts had become “an endless cycle of borrowing without accountability.”

He said the revelation that the ₦501 billion bond had not been fully disbursed despite official claims to the contrary raised serious concerns about transparency, fiscal discipline and the credibility of the Tinubu administration’s economic management.

Atiku also referenced Ogaji’s challenge to the Federal Government to publish the names of beneficiaries, the amounts paid to each generation company and the dates of payment if the funds had indeed been released.

“The startling disclosure by the Executive Secretary of the Association of Power Generation Companies that the much-publicised ₦501 billion bond has not even been fully disbursed raises grave questions about transparency, fiscal discipline and the credibility of the administration’s economic management,” the statement said.

The former vice president argued that successive announcements by the government on intervention funds for the power sector had failed to resolve the industry’s liquidity crisis.

He noted that Nigerians had previously been informed of a proposed ₦590 billion intervention, followed by the announcement of a ₦501 billion bond and later a multi-trillion-naira debt settlement programme.

According to him, despite these interventions, electricity generation companies insist that the debts owed to them continue to rise.

“This is no longer a policy failure. It is a crisis of credibility,” Atiku stated.

He questioned why the government continued to seek fresh borrowing for the power sector if previous interventions had substantially addressed the outstanding liabilities.

“The question is no longer whether the government is borrowing. The question is why Nigerians are repeatedly being asked to applaud fresh borrowing to solve a problem that government insists it solved only yesterday,” he said.

The former presidential candidate called on the Federal Government to immediately publish details of all payments made to electricity generation companies.

He said the government should disclose the names of beneficiaries, the amounts paid to each company, the dates of payment and the outstanding balances.

“Public money cannot disappear into official press statements. Every naira borrowed in the name of Nigerians must be traceable to its destination,” he added.

Atiku further accused the administration of relying on repeated public announcements instead of delivering measurable improvements in electricity supply.

According to him, despite the government’s interventions, power generation remains constrained, businesses continue to rely on alternative energy sources at huge costs and many Nigerians still experience inadequate electricity despite rising tariffs.

He maintained that governance should be judged by outcomes rather than the number of bonds issued.

The former vice president also called on the National Assembly, the Auditor-General of the Federation and other relevant oversight institutions to conduct a comprehensive public audit of all power sector intervention funds raised under the current administration.

He said Nigerians deserved to know the total amount borrowed for the sector, the sums disbursed, the beneficiaries and the reasons outstanding debts continued to increase despite repeated claims that they had been settled.

“The Tinubu administration must understand that transparency is not an act of generosity; it is a constitutional obligation. Accountability is not optional,” Atiku said.

He warned that history would ultimately judge the administration not by the volume of bonds it floated but by whether those interventions translated into improved electricity supply for Nigerians.