President Bola Ahmed Tinubu has approved ₦2.8 trillion as the Federal Government’s verified electricity subsidy debt owed to power generation companies (GenCos), following a tripartite audit that reviewed outstanding claims.
The approval comes after operators initially presented claims amounting to about ₦6 trillion.
However, the audit process reportedly reduced the figure by more than half after verification and reconciliation of submitted invoices and subsidy records.