Without urgent intervention, the entire power ecosystem could collapse.
President Bola Tinubu is expected to meet with Nigeria’s power-generating companies to address the N4tn debt threatening the country’s electricity supply chain. This follows a high-level meeting between the Minister of Power, Adebayo Adelabu, and the Gencos’ leadership in Abuja.
The companies are owed N2tn for 2024 power supply and N1.9tn in legacy debts. “There is a need to pay a substantial amount of the debt in cash,” Adelabu said, noting that the rest will be cleared using promissory notes within six months.
Chairman of the Association of Power Generating Companies, Col. Sani Bello (retd), warned of a looming collapse. “Without urgent intervention, the entire power ecosystem could collapse,” he said.
Adelabu described the situation as a “national emergency” and called for full market liberalisation and cost-reflective tariffs. Dr Joy Ogaji, CEO of APGC, highlighted erratic gas supply, forex volatility, and crippling debts. “Gencos have borne unsustainable risks while remaining patriotic,” she said.