GenCos Threaten Nationwide Shutdown Over ₦4trn Debt
Power generation companies (GenCos) have warned of an imminent shutdown of power plants nationwide due to an outstanding ₦4 trillion debt owed by the Federal Government.
In a statement released on Monday by Col. Sani Bello (Rtd), Chairman of the Board of Trustees, Association of Power Generation Companies (APGC), the GenCos revealed they are owed ₦2 trillion for electricity supplied in 2024 and ₦1.9 trillion in legacy debts.
They lamented receiving less than 30% of their monthly invoices, citing severe cash flow constraints, regulatory hurdles, and inadequate government budgetary allocation for the sector.
The companies warned that failure to urgently address the liquidity crisis could lead to national grid collapse and security challenges, urging immediate action and a clear debt repayment plan.
