The Association of Power Generation Companies (APGC) CEO, Dr. Joy Ogaji, says the debt owed to GenCos is now over ₦6 trillion due to a persistent shortfall in payment for electricity generated and supplied to the national grid.
Ogaji, who appeared on Arise News Morning Show on Thursday, said power generation companies currently invoice approximately ₦280 billion every month to the Nigerian Bulk Electricity Trading company, which buys power from the GenCos and sells it to distributors. According to her, about ₦200 billion remains unpaid monthly, meaning that only 35 per cent is paid.
“We have a monthly shortfall of ₦200 billion every month,” Ogaji stated, adding that the debt reached ₦4 trillion by the end of 2024 and ₦6.4 trillion by December 2025.
“Currently, it is above ₦6 trillion. We are looking at about N6.6 trillion by the end of this month (end of February). So, that is the figure,” Ogaji stated.
She said the bill had accumulated from 2015. “As I have clearly stated, out of f ₦280 billion, what is being paid is about 35 per cent monthly. This bill has accumulated from 2015. From 2015 to 2024, it became ₦4 trillion and from 2024 to this month, it has increased to ₦6.6 trillion.”
NLC President Ignorant of How Power Debt Accumulated – Ogaji
Reacting to the comment of the Nigeria Labour Congress (NLC) President Joe Ajaero, about the ongoing move by the Federal Government to settle the debts owed to GenCos, Ogaji said Ajaero is ignorant of how the debt accumulated.
Pinnacle Daily had reported that the NLC president over the weekend described the proposed financial settlement for the debts as politically motivated, adding that there is no justification for spending such a large amount of money.
The GenCos, in a statement signed by Ogaji, firmly rejected the claim, describing it as “baseless” and a “misrepresentation of the facts.”
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Speaking during the Arise News interview on Thursday, the APGC CEO said the NLC president was only making “spurious” claims, as according to her, Ajaero does not know how the power sector works.
She said that the ₦500 billion raised by the Federal Government through bond issuance is very insignificant in settling the debt running in trillions of naira. She said the current move is against the outcome of a meeting they had with President Tinubu in July 2025, when the president promised to approve ₦4 trillion to settle the legacy debt of 2024 and work with his team to ensure that the debt profile does not grow again.
“What I believe is that his handlers have hijacked this ₦4 trillion and decided to balkanize it in the way they deem fit without cognizance of the implications on power generation companies,” she alleged.
No Industrial Growth without Power
While making reference to the recent launch of the Nigeria Industrial Policy (NIP) 2025, Ogaji said there is no way the country would make any progress in advancing industrialization without addressing power supply challenges in the country.
She said manufacturers are lamenting about the high cost of power, which makes their products uncompetitive in the global market.
She called on President Tinubu to tackle power sector challenges.
She noted that the call by Aliko Dangote for setting up a power forum to deal with power sector challenges is critical and should be taken seriously. According to her, the president should chair the forum and only technocrats who can find solutions should be part of it.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
