President Bola Tinubu has approved the payment of N2.8trillion to power generation companies (GenCos) as the Federal Government’s verified liability for accumulated electricity subsidies dating back to 201. This was as he rejected the ₦6trillion claim submitted by the operators, insisting he will not pay a Naira beyond the audited figure, according to highly-placed officials in the Presidency and the Federal Ministry of Power with direct knowledge of the negotiations at the weekend. The approval followed months of negotiations and a tripartite audit involving the Ministry of Finance, the Nigerian…
Read MoreTinubu slashes Power GenCos’ bill from ₦6tr to ₦2.8tr
