ABUJA — Nigeria’s power sector is teetering on the edge of a total systemic collapse, with the debt owed to Electricity Generation Companies (GenCos) skyrocketing to a staggering ₦6.5 trillion.
In a blunt and courageous disclosure on Wednesday evening, February 18, 2026, Dr. Joy Ogaji, the CEO of the Association of Power Generation Companies (APGC), alleged that while President Bola Ahmed Tinubu had approved ₦4 trillion to offset the sector’s legacy debts last year, the funds appear to have been “hijacked and balkanised” by government advisers.
The ₦200 Billion Monthly Bleeding
Dr. Ogaji painted a grim picture of an industry running on empty. She revealed that GenCos currently submit monthly invoices of approximately ₦280 billion to the Nigerian Bulk Electricity Trader (NBET). However, only a fraction of this is paid, leaving a staggering ₦200 billion unpaid every single month.
“The current monthly turnover is just 35%,” Dr. Ogaji stated. “President Tinubu made a bold promise to offset the ₦4 trillion legacy debt last year, but I believe his advisers have hijacked this money. They have balkanised it and shared it as they deem fit, without any regard for the generation companies who are actually keeping the lights on.”
Clash with Labour: “You are Ignorant”
The APGC boss also took a swipe at the President of the Nigeria Labour Congress (NLC), Joe Ajaero, who recently labeled the power sector’s debt claims as “institutionalised robbery.”
Dismissing the NLC’s stance as “ignorant,” Dr. Ogaji challenged the labour union to a forensic audit of the GenCos’ books. She maintained that the companies are victims of a broken value chain, not the perpetrators of extortion.
“Darkness at ₦100,000 per Bag”—Nigerians Blast the Elite
As the ₦6.5 trillion figure hit the newsstands, Nigerians across the country—already reeling from surging electricity tariffs and fuel scarcity—unleashed a wave of biting criticism against the administration.
- “Where is the ₦4 Trillion?”: “If the President approved ₦4 trillion and the GenCos haven’t seen it, then we are being governed by a cabal,” remarked an Abuja-based energy analyst. “How can billions be ‘balkanised’ while the country is in darkness? This is economic sabotage from within the Villa.”
- “The Luxury vs. Light Paradox”: Critics on social media pointed out the irony of the government spending ₦66 billion on luxury SUVs while the power sector is suffocating under ₦6.5 trillion in debt. “They have money for V8 engines but no money for gas turbines. It’s a national disgrace,” one viral post on X (formerly Twitter) read.
- “The Poor Pay for the Theft”: Many Nigerians expressed frustration that the debt is always passed down to the consumer through tariff hikes. “They steal the ‘legacy debt’ funds and then ask the man who can’t afford a bag of rice to pay more for ‘Band A’ light that doesn’t even blink,” another citizen lamented.
A Looming Shutdown?
The allegation that the ₦4 trillion intervention has been diverted by “advisers” has sent shockwaves through the financial sector. With GenCos unable to pay gas suppliers—who are owed nearly 70% of the total debt—there are fresh fears of a nationwide grid collapse in the coming weeks.
As of Thursday noon, February 19, the Ministry of Power and the Office of the Accountant-General have not issued a formal rebuttal to Dr. Ogaji’s “balkanisation” claims.
