Power generation companies say they are yet to receive payments from the Federal Government’s approved N3.3 trillion power sector debt settlement.
Power Generation Companies (GenCos) have raised concerns that they are yet to receive any payment from the Federal Government’s approved N3.3 trillion power sector debt settlement.
According to DAILY POST, the Chief Executive Officer of the Association of Power Generation Companies, Dr. Joy Ogaji, made the disclosure during a recent webinar, describing the government’s debt figures as a “moving target.”
Ogaji said the approved N3.3 trillion debt, which reportedly accumulated between February 2015 and March 2025, is disputed by GenCos, who insist the actual figure is closer to N7 trillion.
She noted that a separate N501 billion bond raised between December and January to settle a negotiated N827.16 billion portion of the debt has also not been fully disbursed.
According to her, only five GenCos operating 14 plants—including Geregu, Ibom Power, FIPL, NDPHC and Mabon Energy—signed onto the arrangement due to the required 50 percent haircut imposed on others.
“The last one was N3.3tn before they appointed a new special adviser on power. Now, let me tell you that from that N3.3 trillion or N2.8 trillion, to date, we have not received a dime. Nothing has been received by the GenCos,” she stated.
The development highlights growing tensions in Nigeria’s power sector as operators continue to demand settlement of long-standing debts.
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