Power generation companies in Nigeria say they are owed over N6 trillion in unpaid invoices.
The government audited it and approved N2.8 trillion. GenCos say the real number keeps growing by N200 billion every month.
Because they are not getting paid, they cannot pay gas suppliers. So gas suppliers have reduced deliveries.
These thermal plants generate over 70% of our electricity. Right now they are receiving only 43% of the gas they need to run.
That’s why your light has been terrible.
The government launched a N3.7 trillion power project with Siemens to take us to 25,000 megawatts by 2025. It collapsed. We can’t even do 5,000.
They issued a N501 billion bond in January to start clearing the debt. GenCos said it’s nowhere near enough.
Here is the chain nobody explains to you:
You don’t pay enough on your bill. DisCos can’t pay the bulk trader. Bulk trader can’t pay generators. Generators can’t pay gas suppliers. Gas suppliers stop delivering. Your light goes off. You buy fuel for generator. Fuel is now N1,300.
Everyone in this chain is broke. And you’re paying for the failure at every single level.
@fimiletoks I wanted to apply for a loan last year and credit bureau flagged my BVN due to COVID grant I received in 2021.
I had to pay back about 650k to clear my record.