- Outstanding invoices for electricity generated have surged to N6 trillion.
- GenCos have slammed the NLC over “simplistic and inflammatory” extortion allegations.
- The Association of Power Generation Companies (APGC) warns of a severe liquidity crisis.
The Association of Power Generation Companies (APGC) has raised a fresh alarm over the sustainability of Nigeria’s power supply, disclosing that unpaid invoices for electricity generated and supplied to the national grid have now surged to approximately N6 trillion.
Eko Hot Blog reports that the growing debt burden is driven by chronic revenue shortfalls and weak remittances across the electricity value chain.
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In a statement released on Wednesday by the CEO of APGC, Dr. Joy Ogaji, the power generation companies strongly rejected allegations by the Nigeria Labour Congress (NLC) that electricity firms are engaged in “institutionalised extortion.”
Ogaji described the NLC’s claims as a “misrepresentation of facts” that undermines ongoing efforts to stabilize the sector.
She insisted that GenCos are the most exposed players in the industry, facing massive financial strain that hampers their ability to invest in machine maintenance and fuel procurement.
The APGC boss also dismissed insinuations that recent government support for the sector is a “clandestine political arrangement” ahead of the 2027 elections.
“Such claims are baseless and offensive to professionals working tirelessly to keep the lights on,” the statement added.
The association further challenged the NLC or any other institution to a forensic audit, stating that their financial records are open for scrutiny to identify the true root of the liquidity crisis.
Experts warn that without urgent policy action to address the N6 trillion debt, the country could witness a significant decline in power generation, leading to prolonged blackouts and a dip in industrial productivity.
While the Federal Government recently issued a N590 billion bond to clear a portion of legacy debts, the APGC maintains that the continuous accumulation of new unpaid invoices remains a ticking time bomb for the Nigerian Electricity Supply Industry (NESI).
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