The Power Generation Companies (GenCos) have appealed to the Federal Government and stakeholders in the power sector to settle over N4 trillion debt owed them for electricity generated in the country.
The Chairman of the Board of Trustees , Association of Power Generation Companies (APGC), Col. Sani Bello (rtd), made this known via a statement on Monday, April 14, 2025.
Presently, the country has 23 power-generating plants connected to the national grid.
Bello stated that GenCos were owed N2 trillion for power supplied in 2024 and N1.9 trillion in legacy debt.
Bello said: “GenCos are currently being owed about N4 trillion, N2 trillion for 2024 and N1.9 trillion for invoices unmet without a bankable securitisation or financing plan.
“The cash liquidity is currently threatening the continued operation of their power generating plants.”
He noted that besides being owed the huge debt, GenCos were also operating under harsh monetary and fiscal conditions.
Bello added: “It is no more news that the GenCos have continued to bear the brunt of the liquidity crisis in the Nigerian Electricity Supply Industry (NESI).
NiMet forecasts 3-day thunderstorms, sunshine from Monday
“GenCos on their part as responsible investors with patriotic zeal have made large-scale investments and have continued to demonstrate absolute commitment by ramping capacities in line with their contract for over 10 years.
“This is amid system constraints, policies and regulations that are not investors friendly, increasing debts owed.
“Notwithstanding this and other severe difficulties the GenCos have battled with since takeover in 2013, they have kept to the terms of their contractual agreements by ramping up capacity which has been largely constrained systemically.”
Bello said that the GenCos urged that immediate and expedited action be taken to prevent the failure to sustain steady generation of electricity to Nigerians.
He said the GenCos were also demanding an investors focused and economy growth friendly policies and regulations to incentivise investors, from monitoring and implementation and liberalisation of the market through bilateral arrangement.
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