GenCos’ board chairman, Col Sani Bello, made this call in a press statement issued in Abuja.He said: “GenCos is currently owed over two trillion Naira for the power they generated, put unto the national grid, and consumed by end users.”
Bello said: “In the light of the severity of the issues highlighted above, the GenCos are requesting that immediate and expedited action is taken to prevent national security challenges that may result from the failure of the GenCos to sustain the steady generation of electricity of Nigerians.” “b. Reprioritization of payments under the waterfall arrangement to give full priority to a hundred percent payment of GenCos’ invoices as and when due.Order to the MYTO and the DRO 2024.
The statement said GenCos is of the position that the liquidity challenge threatening the continued operation of their power generation plants must be addressed urgently, and sustainably too. Besides being owed huge debts, said the chairman, GenCos also are operating under very harsh monetary and fiscal conditions, occasioned by the economic realities that face the country today.
Against the backdrop of the many challenges facing the power sector in Nigeria, Bello said, the crises from cash liquidity are on the top burner and have reduced Gencos’ ability to continue to perform their obligations, thereby threatening to completely undermine the Electricity value chain. This situation, he said, has dire consequences for GenCos and by extension the entire power value chain.