Power Generation Companies (GenCos) have issued a warning regarding a potential nationwide shutdown of power plants, attributing this threat to an outstanding debt of ₦4 trillion owed by the Federal Government.
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In a statement made public on Monday by Col. Sani Bello (Rtd), the Chairman of the Board of Trustees for the Association of Power Generation Companies (APGC), the GenCos disclosed that they are owed ₦2 trillion for electricity supplied in 2024, along with ₦1.9 trillion in legacy debts.
They expressed concern over receiving less than 30% of their monthly invoices, pointing to significant cash flow issues, regulatory challenges, and insufficient government budget allocations for the energy sector.
The companies cautioned that if the liquidity crisis is not promptly resolved, it could result in a collapse of the national grid and pose security risks, urging for immediate intervention and a definitive debt repayment strategy.