The GENCOs in Nigeria are currently running at a terrible loss which has posited an imminent collapse of the power sector in Nigeria. Nigerian Bulk Electricity Trading Plc, NBET weekend said it has paid N186.7billion to Electricity Generating Companies, GENCOs saying it is only owing them about N156 billion.
Reacting to the alarm raised by GENCOs that their continued existence is being threatened by huge unpaid debt by various stakeholders and that they are currently running their operations at a huge loss; and are barely struggling to survive, General Manager/Head, Power Procurement and Power Contracts, Nigerian Bulk Electricity Trading Plc, NBET, Longe Yesufu Alonge, said the company has made payment of N186, 556, 636, 647 from February 2015 to April 2016, while the outstanding payment to the GENCOs from February 2015to April 2016 is N155, 768, 549, 056.
He said that
Quote
“the payment performance of NBET from February 2015 to April 2016 is 54.50 percent not the average of 40 per cent being claimed by the GENCOs. He also said that NBET has paid the sum of N21billion from its capitalisation to reduce the debt it owes the GENCOs. He explained that the company has not paid the outstanding due to the challenges in the power sector.
Reacting to the same issue, an official of the Central Bank of Nigeria, who does not want his name in print, said that the power intervention fund has terms and conditions attached to it. He said that any GENCOs which meets the terms and conditions of the facility have due access to draw from the fund. He said that some of the GENCOs think that the fund is a national cake to be shared.
He said that the last draw down from the fund some of the GENCOs did not benefit because they failed to meet the necessary conditions. He equally said that some of the GENCOs just wanted free funds which is not possible anywhere.
The Power Generating Companies weekend said that unless something urgent is done in the next couple of months, Nigeria should be prepared for a total electricity blackout. They said that they are currently running their operations at a huge loss and are barely struggling to survive.
I am a metro reporter on Gistmania, I have been publishing news materials for over 5 years
Posted: at 1-08-2016 04:33 PM (7 years ago) | Hero
Am a Nigerian. But we are the most foolish human being on earth.mostlly our past and present rulers who dose not care or think about given Nigeria electricity.pipeburn water and good roads. Infact all of them should go and hide in shame.
Posted: at 1-08-2016 07:03 PM (7 years ago) | Gistmaniac
I hope all d house of d APC chieftians and all d pple who support dis party houses will black out till 2019? Nothing can be worst than dis. Ma wa o. Even d small one generated by d last administration has been killed or collapsed.
Posted: at 1-08-2016 07:43 PM (7 years ago) | Addicted Hero
Kingdom of darkness ruin by the same old fools. Just imagine, Obasanjo ruined it in the 70s under darkness came back in 90s and ruin it again in darkness. Buhari or (mr badluck if you like) ruined it in the 80s undre darkness, he is here again ruining it under darkness, as we have seen it he haven´t the intelectual ability to fix anything he just have his piriority set on returning back power to the north and islamise the country. So he is not interested in the light as his agenda goes well with darkness.
Posted: at 1-08-2016 10:58 PM (7 years ago) | Upcoming
Happiness is all i see now I never thought that I will live on earth before the year runs out. I have been suffering from a deadly disease (HIV) for the past 2 years now; I had spent a lot of money going from one places to another, from churches to churches, hospitals have been my home every day residence. Constant checks up have been my hobby not until this blessed day, I was searching through the internet, I saw a testimony on how DR Sakho Abdoulaye helped someone in curing his HIV disease, quickly I copied his email which is [email protected] just to give him a test I spoke to him, he asked me to do some certain things which I did, he told me that he is going to provide the herbal cure to me, which he did, then he asked me to go for medical checkup after some days after using the herbal cure, I was free from the deadly disease, he only asked me to post the testimony through the whole world, faithfully am doing it now, please brothers and sisters, he is great, I owe him in return. if you are having a similar problem or any kind of diseases just email him on His email at: ([email protected])
COMING IN DIFFERENT FORM? WE HAVE SEEN MANY BEFORE AND MORE TO COME UNDER DIFFERENT UMBRELLAS!
Posted: at 1-08-2016 11:48 PM (7 years ago) | Upcoming
OLUCHI5
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Nothing can be worst than dis. Ma wa o. Even d small one generated by d last administration has been killed or collapsed. 
CHRISETTE
Novic
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Mandrake007
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