News
Darkness looms in Nigeria as GenCos threaten shutdown over unpaid N4tn debt
There is looming darkness in Nigeria as power generation companies threaten a showdown.
This is as unpaid debts from the federal government and other market operators surged to over N4 trillion.
Chairman of the Boardof Trustees of the GenCos, Rtd. Colonel Sani Bello, made threats known to journalists in Abuja on Monday.
GenCos lamented that the mounting liabilities were crippling their ability to operate and threatening a total shutdown of electricity generation in Nigeria.
“The power generated by GenCos has continued to be consumed in full without corresponding payment.
“This situation has dire consequences for the GenCos and, by extension, the entire power value chain,” he said.
Of the N4tn owed, N2tn is for electricity generated in 2024, while N1.9tn represents legacy debts.
GenCos noted that the 2025 national budget’s N900 billion allocation for the power sector is grossly inadequate to address those arrears and sustain future payments.
Bello described the situation as “a clear departure from existing terms of the Power Purchase Agreement,” adding that under current conditions, GenCos only receive about 9–11 ppercent of their invoices, while regulatory bodies and other service providers are paid in full.
The GenCos also highlight the sharp decline in collection rates— below 30 percent in 2024— which they say has worsened the liquidity crisis.
“The crises from cash liquidity are on the top burner and have reduced GenCos’ ability to continue to perform their obligations,” he said.
Further compounding the issue are operational costs denominated in U.S. dollars and limited access to forex.
“The importance of a specialised window or stable dollar allocation option for the GenCos cannot be overemphasised,” Bello said.
GenCos added that they were demanding urgent government action, including full settlement of outstanding invoices, reprioritization of the waterfall payment structure, and guarantees backed by institutions like the World Bank and AfDB.
“There is a need for a coordinated approach by all stakeholders to address the liquidity issue realistically and sustainably. This request requires urgent attention,” he added.
The Minister of Power, Adebayo Adelabu, has yet to respond to the matter as of the time of filing this report.
News
Urbanisation: Lagos To Fall Behind Luanda as sub-Saharan Africa’s biggest city by 2050
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
A report conducted by the World Bank and the European Commission’s Joint Research Centre, has projected that Angola’s capital, Luanda,will overtake Lagos as sub-Saharan Africa’s most populous city by 2050, rising by 78 percent from 11.4 million to 20.3 million.
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
The report estimated that Luanda’s population would increase from 11.4 million in 2025 to 20.3 million in 2050, adding 8.9 million residents over the period.
Lagos, the region’s most populous city in 2025 with an estimated 12.8 million residents, is projected to grow to 16.2 million by 2050, an increase of more than 25 percent.
Despite the growth, Lagos is expected to fall behind Luanda, whose population is projected to exceed that of Nigeria’s commercial hub by 4.1 million.
“Over this period, the population of Angola’s capital city, Luanda, is projected to increase by 78 percent from 11.4 million to 20.3 million.
In doing so, Luanda will overtake Lagos as SSA’s most populous city,” the report said.
News
President Tinubu Performing Umrah
The President is expected to return to Nigeria next week after completing the religious exercise.
Photo: President Tinubu I Makkah
President Bola Tinubu on Friday commenced performing Umrah at Makkah in Saudi Arabia, praying for the nation and for every Nigerian to live in peace and harmony.
Tinubu on Thursday evening arrived in Saudi Arabia, landing at the King Abdulaziz International Airport in Jeddah.
He was received by Nigeria’s ambassador to Saudi Arabia, Yakubu Gambo, and the Saudi head of royal protocol Ahmad bin Thafir.
Thursday’s trip marks the second time Tinubu has travelled to Makkah to perform Umrah since assuming office on May 29, 2023.
President Tinubu visited the holy city in November 2023, shortly after attending the Saudi-African Summit in Riyadh, where he also prayed for divine guidance in leading Nigeria.
The latest trip is part of a series of foreign engagements undertaken by Tinubu since becoming president. He has visited more than 30 countries in over 50 unique and recurring trips.
The President is expected to return to Nigeria next week after completing the religious exercise.
News
State police ready by December — Senate Leader
Highlighting the historic milestone, Bamidele explained that the 30 state approvals comfortably satisfy the two-thirds concurrency requirement mandated by Section 9(2) of the 1999 Constitution (as amended).
Senate Leader Opeyemi Bamidele has expressed conviction that the proposed state police will be ready on or before December 2026, given that 30 State Houses of Assembly have officially approved the State Police Constitution Alteration Bill, 2026.
Speaking on the Bill on Thursday, the Leader of the Senate declared that multi-tier policing in Nigeria has moved from a recurring political promise into an actionable constitutional reality.
Bamidele, who also serves as the Vice Chairman of the Senate Committee on the Review of the 1999 Constitution, made the disclosure while delivering a paper at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State.
He addressed participants of the Senior Executive Course (SEC) 48 on the topic, “Improving the Efficiency and Effectiveness of Governance through Proactive Lawmaking.”
Highlighting the historic milestone, Bamidele explained that the 30 state approvals comfortably satisfy the two-thirds concurrency requirement mandated by Section 9(2) of the 1999 Constitution (as amended).
-
Business2 days agoWhy Cement Is Expensive in Nigeria – PAMA
-
Business2 days agoNaira Exchange Rates Today, Monday November 2,2026
-
Business2 days agoAfrican Energy Bank Headquarters Operation in Nigeria
-
International1 day agoJUST IN: Plane Crash Near Trump’s Florida Home Kills All 9 Aboard
-
Business13 hours agoNaira Exchange Rates 3 November,2026
-
Sports2 days agoCAF : Nigerian Samson Adamu Becomes General Secretary
-
Sports2 days agoNigeria Thumbs up CAF For Samson’s Appointment As Secretary-General
-
Politics2 days agoINEC : We Are Already Cleaning Up Our Register of AI-Generated Photos
