Generation companies (GenCos) in Nigeria are facing severe financial distress, warning of potential shutdowns due to new taxes and persistent tariff shortfalls.
Despite government promises to address this crisis, GenCos received only 19.5% of the N1.9 trillion subsidy needed from last year, and they reported a staggering N1.94 trillion payment shortfall on N2.7 trillion invoiced between January and November 2024.
Current payments are insufficient, leading to significant stranded power capacity.
GenCos are demanding a 100% debt settlement and are concerned that new tax obligations will further strain their finances, as most power plants are already on the brink of collapse.
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