The presidential candidate of the Nigeria Democratic Congress (NDC), Atiku Abubakar, has called on the federal government to make public the full list of beneficiaries of the ₦501 billion bond issued to settle debts owed to electricity generation companies (GenCos).

The move comes amid fresh controversy surrounding how funds in the power sector are being managed and whether payments have actually reached the intended companies.

According to reports, the Association of Power Generation Companies (APGC) has alleged that despite government announcements, the bond has not been fully disbursed.

Earlier in January, the federal government announced the issuance of an inaugural ₦501 billion bond under the Presidential Power Sector Debt Reduction Programme (PPSDRP) as part of efforts to address longstanding debts in the electricity industry.However, by February, the CEO of APGC, Joy Ogaji, claimed that the government still owed GenCos about ₦6.5 trillion, raising doubts about the effectiveness of the intervention.

In April, President Bola Tinubu approved a repayment plan aimed at clearing outstanding obligations under a broader power sector financial reform programme.

Reacting through his senior special assistant on public communication, Phrank Shaibu, Atiku criticised what he described as inconsistencies in the government’s handling of the debt situation.He argued that repeated announcements of debt settlements have not translated into real improvements in electricity supply or transparency.

Atiku further demanded that the government publish detailed records showing which generation companies received payments, the exact amounts, payment dates, and outstanding balances.

He also urged oversight institutions such as the National Assembly and the Auditor-General of the Federation to conduct a full audit of all intervention funds in the power sector.

According to him, Nigerians deserve clear accountability on how borrowed funds are used, especially as electricity challenges persist across the country.