The GenCos noted that the reform programme was designed to tackle the nation’s N3.3 trillion electricity sector debt.
He said progress under the NMMP was mostly from government funding.
According to the commission, GenCos that fail to comply with this directive will face significant financial penalties and possible disconnection from the national grid.
Mr Adelabu said the mode of payment would be in two ways, adding that some budgetary provisions would facilitate cash payments.
Mr Tunji said, “We expect the ministry of finance to take action on this soon.’’
Mr Adelabu bemoaned the rising cases of vandalism of power assets across the country.
President Bola Tinubu, on February 9, signed the Electricity Act (Amendment) Bill 2024 into Law.
He disclosed that the N450 billion budgeted for electricity was far too small to cover the N1.3 trillion debt burden owed to GenCos.
TCN can only transmit what is being generated by GenCos and presently they are all generating below capacity.
NLC has insisted that President Muhammadu Buhari’s regime reduce electricity tariff as it kicks against the government receiving payments from GENCOs in foreign currency.
