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Khest Media > Actu > Business > “We Can’t Take care of the Lights On”: GenCos Warn of Blackout Over Unpaid ₦4 Trillion Debt
Business

“We Can’t Take care of the Lights On”: GenCos Warn of Blackout Over Unpaid ₦4 Trillion Debt

Business Elites Africa
Last updated: 16/04/2025
Business Elites Africa Business
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4 Min Read
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Nigeria’s energy generation companies (GenCos) personal issued a warning: Except the federal authorities urgently addresses a mounting ₦4 trillion debt, the country will likely be plunged into a nationwide blackout.

The alarm was sounded in a statement by Col. Sani Bello (rtd), Chairman of the Board of Trustees of the GenCos, who described the financial crisis as a major threat to Nigeria’s already fragile electricity supply chain.

“GenCos have continued to bear the brunt of the liquidity crisis… threatening to completely undermine the electricity value chain,” Bello said.

Despite meeting operational demands and expanding capacity, GenCos say they are being financially suffocated by a systemic lack of payments, a situation that is pushing the power sector closer to collapse.

The Breakdown: What’s Owed and What’s Now not

Per the commentary, the ₦4 trillion debt contains

  • ₦2 trillion for energy generated and supplied in 2024
  • ₦1.9 trillion in legacy money owed from previous administrations

Nevertheless, the 2025 federal budget excellent allocates ₦900 billion toward these responsibilities, raising questions about the authorities’s capacity—or willingness—to meet the leisure.

What GenCos Are Stressful

In gentle of the crisis, GenCos are urging the federal authorities to:

  • Build an rapid fee notion
  • Prioritise GenCos’ invoices below the contemporary “waterfall” market structure
  • Invent a sustainable financing mechanism to back most up-to-date regulatory orders

The companies are also pushing for market securitisation and agency contractual frameworks to be sure funds going forward.

Foreign Replace and Rising Costs

GenCos also highlighted the crippling impact of Nigeria’s foreign change crisis, noting that many of their maintenance and operational inputs are greenback-denominated.

As the naira continues to fall, having access to spare substances and products and companies from out of the country has changed into a serious hurdle.

Compounding the suppose are:

  • Low series charges, which fell below 30% in 2024
  • Original taxes, compliance costs, and concession charges that continue to pile up

An business expert, talking anonymously, acknowledged the authorities at the moment will pay right 40% of submitted invoices.

“In any business, if you excellent win 40% of what you’re owed, you’re no longer doing successfully. This isn’t sustainable,” the expert warned.
“They’ve been affected person, nonetheless they’ve been owed since Fashola’s tenure as Energy Minister. One thing has to offer.”

The expert added that if the financial chokehold continues, GenCos will likely be compelled to close down operations—triggering an whole grid collapse.

The federal authorities has acknowledged the debt, calling worthy of it a “legacy suppose.” Bolaji Tunji, spokesperson to the Minister of Energy, Adebayo Adelabu, acknowledged the ministry is working carefully with the Ministry of Finance to optimistic the backlog.

“The Minister is conscious and engaged. Efforts are ongoing,” Tunji acknowledged.

Clean, GenCos disclose verbal assurances gained’t take care of the lights on. They are traumatic rapid, concrete action.

Nigeria’s electrical energy sector has prolonged struggled below the weight of uncomfortable infrastructure, inconsistent law, and chronic underpayment.

But with GenCos now overtly threatening to remain production, the crisis will likely be entering its most lethal piece yet.

“The whole energy sector—and Nigeria’s electrical energy—hangs in the balance,” Bello concluded.

Without swift intervention, hundreds of thousands of Nigerians might perchance furthermore very successfully be left in the shadowy, and the authorities might perchance furthermore face another wave of public outrage over worsening energy provide in Africa’s largest financial system.

Be taught More

Contents
The Breakdown: What’s Owed and What’s Now notWhat GenCos Are StressfulForeign Replace and Rising Costs

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