GenCos warn Nigeria's power sector faces blackout as debt hits N6.6tn
Nigeria's power generation companies (GenCos) warn the N501 billion government bond is insufficient to clear the N6.6 trillion legacy debt owed to them, risking total sector collapse and further electricity shortages. The debt burden has surged from N4 trillion in December 2024 to N6.6 trillion by February 2026, rising by N200 billion monthly. GenCos CEO Dr Joy Ogaji stated President Tinubu's pledge to clear the N4 trillion debt was reduced to N501 billion, leaving the sector in critical liquidity crisis. With actual generation fluctuating between 2,000-4,000 megawatts despite 15,000MW installed capacity, millions face unreliable power. Ogaji urges urgent government action to clear the debt and stabilize the sector.