President Bola Tinubu has approved the payment of N2.8tn to power generation companies as the Federal Government’s verified liability for accumulated electricity subsidies dating back to 2010, The PUNCH reports. “The GenCos came here last August to meet the President, pleading that legacy debt doesn’t make them shut down. However, the Federal Government is going to raise money and issue a bond to pay them,” the source said. They include First Independent Power Limited, Geregu Power Plc, Ibom Power Company Limited, Mabon Limited, and Niger Delta Power Holding Company Limited. “The President is now saying this N2.8tn that I’m going to pay you, we’re not just going to pay you like that.
