Eight of Nigeria’s largest power generation companies, including Egbin, Geregu, and Transcorp affiliates, have joined the Federal Government’s ₦3.3 trillion debt settlement programme aimed at restoring liquidity to the troubled electricity sector. The agreement covers 15 power plants and represents one of the most ambitious efforts to resolve longstanding financial bottlenecks that have hindered investment and reliable power supply.
Despite the milestone, industry stakeholders have raised concerns over the transparency of the debt figure, arguing that total liabilities could exceed ₦6–7 trillion when factoring in unpaid invoices, capacity charges, forex losses, and operational costs. Power producers also highlighted structural inefficiencies, including chronic underpayment across the value chain, which has left operators unable to meet obligations to gas suppliers.
The government maintains that the ₦3.3 trillion represents a verified and audited liability, with disbursements tied to strict conditions such as debt repayment, plant rehabilitation, and capacity expansion. Analysts stress that resolving these discrepancies is critical to restoring investor confidence and unlocking much-needed investment in Nigeria’s power sector.
