Federal Government Owe Four Trillion Naira Electricity Bill, Assures Payment Soon.

Power Generation Companies, GENCOS, has warned that power plants across the country were facing imminent shutdown over a huge N4 trillion debts owed by the Federal Government.

The chairman, board of trustees of the Association Of Power Generation Companies (APGC), Col. Sani Bello said the companies were being owed two trillion naira (N2 trillion) for power supplied in 2024 and another N1.9 trillion in legacy debts. The companies noted that plants were being paid less than 30 per cent of their monthly invoices for power supplied to the national grid noting that GENCOS have maintained their part as responsible investors with patriotic zeal.

The GENCOS, board of trustees Chairman said, made large-scale investments and have continued to demonstrate absolute commitment by ramping capacities in line with their contract over (10) years, amid system constraints, unfriendly policies & regulations, increasing debts without a clear financing plan since takeover in 2013.  The companies called on the Government to implement the  payment plans to settle all outstanding GENCOS invoices, observing that the flow of money within the power industry is one of the fundamental problems preventing Nigerians from enjoying continued and sustainable improvement in electricity supply.