On Thursday, April 20, the Executive Secretary of the Association of Power Generation Companies (APGC) said that GENCOs have an installed capacity to generate 12,500 MW of electricity in Nigeria but the paucity of funds is responsible for the poor output.
Joy Ogaji, the executive secretary of the association, said that inadequate funds is responsible for the inability of GENCOs to procure gas to fire their power plants.
“For now we don’t have vandalism problem but inability to pay for gas. How do we pay for the gas (when) my people were paid a week ago for the electricity generated in January.
“And when they put 100 percent on the grid, maximally they have been paid 30 percent, of the money this is one of the issues,” she said.
“As we speak, the sector owes the generation companies about N600 billion, unpaid for power that have been generated and consumed already, about N 600 billion.”
“Now Federal Government came to announce on March 1, that they are bringing N 701 billion for the generation companies,” she noted.
“Where is this money… that N701 billion where is the money? We have written to government, please show us where this money is.”