President Bola Tinubu is set to meet with the heads of Nigeria’s power-generating companies in a bid to stop the country’s electricity sector from falling into deeper crisis, as a massive ₦4 trillion debt threatens to grind the system to a halt.
The planned meeting comes after Power Minister Adebayo Adelabu held urgent talks in Abuja last Tuesday with the chairmen of GenCos, who warned that the country’s power grid could collapse if the government doesn’t act fast.
In a statement released Sunday, May 4, by his media aide, Bolaji Tunji, Adelabu said the Federal Government is now working to pay off a major part of the debt immediately, with the rest to be settled over the next six months using promissory notes.
“There is a need to pay a substantial amount of the debt in cash. At the minimum, let us pay a substantial amount, then ask for debt instruments in promissory notes to pay the rest,” Adelabu said.
He described the situation as a national emergency, adding that President Tinubu is fully aware of the urgency.
READ ALSO: NLC Slams Power Minister: ‘Your 150m Electricity Claim Is a Bad Joke’
“We recognise the urgency of this matter. The government is committed to resolving this debt to stabilize the sector and prevent further crisis,” the minister said.
Leading the GenCos at the meeting was Col. Sani Bello (retd), Chairman of Mainstream Energy Solutions and head of the Association of Power Generating Companies.
He told government officials that without immediate action, the sector is at risk of shutting down due to overwhelming financial pressure.
According to earlier reports, the GenCos are owed more than ₦4 trillion, ₦2 trillion for power already generated in 2024, and another ₦1.9 trillion in longstanding unpaid debts.
The crisis has sparked fears across the country as power supply continues to falter, and energy companies warn they may no longer be able to operate without relief.