N6 Trillion GENCO Bailout: NLC Labels It a 'Heist,' Demands Transparency from Power Firms

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The Nigeria Labour Congress (NLC) has vehemently condemned power generation companies (GENCOs) for demanding over N6 trillion in unpaid invoices, branding the call—and any associated federal bailout—as a blatant "heist" aimed at looting public treasury without delivering tangible improvements in electricity generation.


Summarize the Association of Power Generation Companies (APGC)'s recent press release (February 17, 2026) claiming GENCOs are owed over N6 trillion (with debts rising monthly by ~N200 billion due to low remittances from distribution companies via NBET). They warn of liquidity crisis and potential sector collapse.

The privatization sold assets for ~N400 billion, yet GENCOs now seek trillions; no significant capacity increase post-privatization; bailout is a "clandestine" move to "settle the boys" ahead of 2027 elections; phantom subsidy claims; demand for GENCO owners' publication before any rescue.

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