FG, GenCos disagree on settlement plan as power debt hits N7tr
The Federal Government and power generators disagree on a debt settlement plan as Nigeria electricity debt rises to N7 trillion.Summary
The Federal Government and Nigeria power generation companies (GenCos) are at odds over a settlement plan to clear legacy electricity debts that have risen to about N7 trillion. Although the government had approved a N3.3 trillion settlement framework involving 10‑year promissory notes and proceeds from a N501.02 billion NBET bond, disagreements over claim reconciliation have stalled disbursements. APGC Executive Secretary Dr Joy Ogaji said that despite verified claims of N3.3 trillion, the debt later grew to N3.8 trillion and now stands at roughly N7 trillion, with GenCos receiving no fresh payments. She noted that gas suppliers rejected a proposed 50 % debt reduction, urging the new Power Minister, Joseph Tegbe, to declare a state of emergency and institute urgent reforms to stop further debt accumulation.
(Source：The Guardian)