Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has accused President Bola Ahmed Tinubu’s administration of misleading Nigerians over the settlement of debts owed to electricity generation companies (GenCos).
In a statement issued on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said recent comments by the Association of Power Generation Companies (APGC) exposed what he described as a “carefully manufactured narrative” about the resolution of power sector debts.
He argued that claims by the Federal Government regarding the payment of a ₦501 billion bond contradicted the position of GenCos, who reportedly insisted that the funds had not been fully disbursed.
“The latest revelations by the Association of Power Generation Companies (APGC) are the final collapse of the Tinubu administration’s carefully manufactured narrative on the settlement of power sector debts,” Atiku said.
He added that repeated bond issuances had become “an endless cycle of borrowing without accountability,” raising concerns about transparency and fiscal discipline in the management of the power sector.
Atiku also referenced the APGC’s Executive Secretary, Joy Ogaji, who reportedly challenged the government to publish detailed records of payments made to GenCos, including beneficiary lists, amounts disbursed, and payment dates.
According to him, such disclosures directly contradict official claims that the intervention had been successfully implemented.
The former vice president said Nigerians had been presented with multiple announcements of debt settlement programmes without corresponding improvements in electricity supply.
He cited successive government interventions, including a ₦590 billion package, a ₦501 billion bond, and a proposed multi-trillion-naira settlement plan, arguing that the power sector debt burden continues to grow despite these measures.
Atiku questioned why new borrowing continues if earlier interventions were effective.
“If the earlier interventions worked, why is another intervention necessary? If the debts were substantially cleared, why are the creditors saying otherwise?” he asked.
He urged the Federal Government to publish full details of all payments made to generation companies, including disbursement records and outstanding balances.
Atiku also called on oversight bodies such as the National Assembly and the Auditor-General of the Federation to conduct a comprehensive audit of all power sector intervention funds.
He argued that despite repeated financial interventions, electricity supply remains unstable, businesses continue to rely on self-generation, and Nigerians are still burdened with high energy costs.
“Darkness has become one of the most expensive commodities in Nigeria. The least Nigerians deserve is the truth,” he said.
