President Bola Ahmed Tinubu has appealed to electricity generation companies (GenCos) for patience as the Federal Government continues verification and validation of over ₦4 trillion in debts owed to them.

Naijaonpoint reports that the President made the appeal on Friday during a meeting with members of the Association of Power Generation Companies, led by retired Colonel Sani Bello, at the Presidential Villa in Abuja.

Acknowledging the backlog of unpaid obligations inherited from past administrations, Tinubu reiterated his readiness to address the sector’s challenges, but insisted the claims must be thoroughly scrutinised.

“I accept the assets and liabilities of my predecessors, and there is no question about that,” the President said in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.

“But that acceptance must be on credible grounds. I need to wear the audit cap of verifiability, authenticity, and the fact that this inheritance is not a mere deodorant but a support structure for critical economic and industrial promotion.”

He urged the power firms to allow time for verification, stating, “Give us time to do verification and validation of the numbers.”

The President’s Special Adviser on Energy, Olu Verheijen, revealed that Tinubu has given anticipatory approval for a ₦4 trillion bond programme to address the sector’s liquidity crisis.

According to her, the government’s verified exposure to the GenCos, as of April 2025, stands at ₦4 trillion, made up of legacy debts dating back to 2015.

“We have since sat with 27 GENCOs and reviewed their PPAs and gas sales agreements to understand the legitimacy of their claims,” Verheijen said.

She noted that the Nigerian Bulk Electricity Trading Company (NBET) has validated ₦1.8 trillion of these claims so far, while ₦200 billion in unfunded subsidies had also accumulated.

“Only the amounts that the federal government validly owes are the things that will make it into the issuance by DMO,” she added.

President Tinubu also cautioned banks against foreclosing on GenCo assets due to the current financial strain, encouraging collaboration rather than confrontation.

“To our friends in the banking sector, I ask that we avoid foreclosures. Sharpen your pencils, but keep an eraser handy. Let’s persevere together,” Tinubu appealed.

He reaffirmed his administration’s commitment to creating a stable investment environment and tackling the “long-neglected” legacy issues in the power sector.

“Electricity is the most important discovery of humanity in the last 1,000 years. Access to electricity is fundamental to economic growth and human dignity,” he declared.

While noting the substantial amount already verified, the President insisted that fairness, transparency, and due diligence must guide all efforts to resolve the sector’s longstanding financial shortfalls.

The appeal signals a fresh attempt by the Tinubu administration to reset confidence in the Nigerian power sector, amid ongoing reforms and fiscal tightening.