President Bola Ahmed Tinubu has approved a ₦4 trillion bond programme aimed at resolving longstanding debts owed to electricity generation companies (GENCOs), while appealing for patience as the Federal Government verifies the claims.

Speaking during a meeting with the leadership of the Association of Power Generation Companies at the Presidential Villa in Abuja, the President reiterated his administration’s commitment to reviving the power sector through accountability and reform.

“I accept the assets and liabilities of my predecessors, and there is no question about that,” President Tinubu said. “But that acceptance must be on credible grounds. I need to validate every figure before payment. We must ensure transparency.”

The President called on GENCOs and their financial partners to give government institutions time to complete the verification and validation process. He also advised banks to refrain from foreclosing on the power companies’ assets.

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