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Tag: Gencos

Cut corporate tax to 7.5%, NACCIMA urges Tinubu
Electricity

Tinubu to meet GenCos over N4tn power sector debt crisis

President Bola Tinubu’s planned meeting with the leadership of Nigeria’s power-generating companies comes as a response to the N4tn debt threatening the stability of the electricity supply chain. In a statement by the power ministry on Sunday, the meeting follows discussions between the Minister of Power, Adebayo Adelabu, and the Genco chairmen, highlighting concerns about […]

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FG to settle N2tn GenCos debt by December

The Minister of Power, Adebayo Adelabu, has revealed that the federal government plans to pay off N2 trillion out of the N4 trillion owed to power generation companies (GenCos) by the end of the year. The payment will be made through a combination of cash and promissory notes. Adelabu, stated that the N2 trillion to […]

featured

GenCos warn of imminent power crisis as debts exceed N4tn

The 23 power generation companies in Nigeria have raised the alarm that they can no longer ensure a stable electricity supply due to a worsening liquidity crisis in the power sector, as outstanding debts owed to them have now surpassed N4 trillion. Operating under the Association of Power Generation Companies, the firms made this known […]

Power crisis worsens as National grid collapses again
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Power sector: Gencos accuse senate of failing in oversight role

Power generation companies have criticized the Nigerian Senate, claiming that 99% of the failures in the country’s power sector since the 2013 privatization are due to the lawmakers’ neglect of their oversight responsibilities. The Gencos responded to the Senate’s Thursday resolution, which labeled the privatization of Nigeria’s power sector a total failure, according to ThisDay. […]

FG targets 1,268MW from new hydropower plants
News

FG pays N205bn from N1.3tn power generation debt

The federal government said on Monday that it has paid N205 billion from the N1.3 trillion in debt owed to Generation Companies. The government also ascribed the recent improvement in electricity supply that has been observed in some parts of the country to President Bola Tinubu’s administration, according to ThisDay. This was disclosed by the […]

News

FG exempts GenCos, DisCos, from withholding tax payment 

The Federal Government has designated all electrical companies, including generation and distribution companies (GenCos and DisCos), as free from paying withholding taxes in the country. This was disclosed in the new withholding tax regulation document signed by the Minister of Finance, Wale Edun obtained on Sunday, according to Nairametrics. The tax and fiscal policy committee, […]

Electricity

Consumers kick as DisCos’payment to Gencos drop by 50%

Electricity distribution companies’ payment to generation companies for electricity generation has dropped by 50 per cent. According to industry data, DisCos were unable to pay GenCos full payment for the quantity of power generated in January 2022. As a result, the generation companies recorded a 50 per cent revenue shortfall. A breakdown of the data showed […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Power firms owe banks N861.14bn amid electricity crisis

THE debt owed to Nigerian banks by operators in the power sector rose by 12.83 per cent in one year to N861.14bn in December 2021 amid the lingering problems plaguing the sector since it was privatised over eight years ago, according to the Central Bank of Nigeria data. In July 2020, core investors in the […]

News

Gencos counters NBET over purchase agreements, list N1.64tn debts

Power generation companies on Sunday said the Nigerian market was under threat based on the recent claims by the Nigerian Bulk Electricity Trading Company Plc that only five Gencos had active Power Purchase Agreements in Nigeria. Speaking under the aegis of the Association of Power Generation Companies, the Gencos faulted the claims by NBET, as […]

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