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Gencos Demand Urgent Meeting With Tinubu Over N4.7tn Power Sector Debt
Nigeria’s power generation companies (Gencos) have urged President Bola Tinubu to urgently schedule a meeting to address the ₦4.7 trillion debt crippling the electricity sector, warning that further delay could lead to grid collapse.....KINDLY READ THE FULL STORY HERE▶
The call follows a recent meeting with the Minister of Power, Adebayo Adelabu, where government officials promised part-payment in cash and promissory notes over six months. However, no date has been set for the proposed presidential meeting.
Joy Ogaji, CEO of the Association of Power Generation Companies, told The PUNCH that the firms want the meeting held “as soon as possible.” The Gencos had earlier detailed their concerns in a letter to the Federal Government, citing severe financial strain caused by unpaid bills, erratic gas supply, naira depreciation, and mounting operational costs.
Minister Adelabu acknowledged the crisis as a national emergency, adding that the government is committed to preventing total system collapse. The Gencos are owed ₦2tn for 2024 alone, plus ₦1.9tn in legacy debts.
Power sector leaders, including Col. Sani Bello (retd) of Mainstream Energy and Kola Adesina of Egbin Power, stressed that the country’s entire economy hangs on stable electricity and warned that the sector is nearing a breaking point.
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