Tinubu Seeks Time to Verify ₦4 Trillion GENCOs Debt as Power Sector Crisis Deepens
⚡ Tinubu’s ₦4 Trillion Power Sector Dilemma President Bola Tinubu has appealed to power generation companies (GENCOs) for more time to audit Nigeria’s ₦4 trillion electricity debt, while proposing a bond program to resolve the liquidity crisis crippling the sector. 🔢 Key Numbers: ₦4 trillion: Total debt claims by GENCOs (2015–2023) ₦1.8 trillion: Verified so far by NBET 0 national grid collapses in 2025 (reform progress) "Give us time to verify these numbers—only valid debts will be paid." — President Tinubu Why This Debt Crisis Matters 💸 Financial Time Bomb: GENCOs owe banks trillions, risking foreclosures Unpaid gas suppliers threaten 800M cubic feet of supply ⚡ Operational Risks: GENCOs warn of nationwide blackouts if debts persist Investor confidence hangs in balance 📈 Reform Progress at Stake: Grid stability improved (5,801MW peak generation) 70% revenue growth in power sector (₦1.7tn in 2024) Tinubu’s 3-Pronged Approach 1️⃣ Debt Verification Audit firms reviewing 27 GENCOs’ claims Only legitimate debts to be included in bond issuance 2️⃣ ₦4 Trillion Bond […]