By Kunle Sanni –

President Bola Tinubu has told electricity generation companies (GENCOs) that the federal government will thoroughly verify and validate the ₦4 trillion in outstanding debt claims before any payments are made.

Speaking during a meeting with GENCO executives at the Presidential Villa on Friday, the President acknowledged the financial strain in the power sector but insisted that transparency and due diligence must precede any disbursement.

“I accept the assets and liabilities of my predecessors, but that acceptance must be on credible grounds,” Tinubu said. “We must wear the audit cap of verifiability and authenticity. Give us time to do the verification and validation of the numbers.”

The GENCOs, led by retired Colonel Sani Bello, had appealed to the President to intervene in clearing legacy debts, warning of potential operational shutdowns and bank foreclosures due to mounting financial pressures.

In response, Tinubu reaffirmed his commitment to resolving the liquidity crisis but emphasized that only verified debts would be honored. He appealed for patience and assured the companies that the government is actively working with auditors and legal teams to vet all claims.

“We are here. So market it to your other colleagues. Tell them to give us time,” he added.

Special Adviser to the President on Energy, Olu Verheijen, revealed that while GENCOs have submitted claims totaling ₦4 trillion, only ₦1.8 trillion has been validated so far by the Nigerian Bulk Electricity Trading Company (NBET). She explained that the President has given anticipatory approval for a ₦4 trillion bond programme, but final payouts will be based on confirmed liabilities.

“Only verified debts will be included in the issuance by the Debt Management Office,” she said.