Nigeria may be set for a total blackout as power generation
as well as distribution companies say over N400bn debts are stifling their
operations, it was reported.
While GENCOs’ debt is put at over N300bn, DISCOs have
complained of being owed over N100bn by customers.
With such a huge debt burden, the power firms said they lack
the funding required for their operations, including the purchase of equipment
and spare parts.
The Executive Secretary, Association of Power Generation
Companies, Dr. Joy Ogaji, said, “The debt is over N300bn that GENCOs are being
owed. If the situation is not checked, there will be blackout. It is so
imminent that I don’t know if most of the generation we are having now can go
beyond Christmas if the payment problem is not solved. We can’t pay
contractors; most of the machines are packing up.”
Ogaji said the Nigerian Bulk Electricity Trading Company Plc
should be blamed for the problem, saying, “As GENCOs, we don’t really have any
direct relationship with DISCOs at the moment; GENCOs are meant to generate
power and government brought NBET as a wholesaler, which takes all the power
being generated by GENCOs and sells to the DISCOs. So the onus lies on NBET to
collect the money from the DISCOs.
Source: News24 Nigeria
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