Power Debt Dispute: FG and GenCos at Odds Over Reconciliation Figures

The Federal Government and power generation companies are locked in a dispute over the true size of legacy debts in Nigeria’s electricity market. The Minister of Power, Adebayo Adelabu, says audited figures could be closer to N4 trillion rather than the N6.3 trillion often cited. GenCos, led by the Association’s Executive Secretary Joy Ogaji, argue that reconciliation must be done jointly. They want a full breakdown of all cost components, including foreign exchange differentials, capacity payments and gas supply charges. Ogaji notes that no comprehensive meeting has taken place since March 2025. She warns that relying on a single data source risks understating the sector’s liabilities and undermining transparency. The row highlights wider liquidity challenges in the power sector. Both sides say sustained engagement is essential to clear legacy debts, restore investor confidence and improve electricity supply.

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