The Transmission Company of Nigeria (TCN) has revealed that it is owed a total of N457 billion by the Federal Government, comprising legacy debts and electricity tariff shortfalls, a burden that continues to constrain investment in critical transmission infrastructure.
Disclosing this on Wednesday at a three-day media workshop in Nasarawa State organized for the Power Correspondents Association of Nigeria (PCAN), the Executive Director of Transmission Service Provider (TSP) at TCN, Oluwagbenga Ajiboye, said the figure includes N217 billion traced to legacy debt.
“The market owes us about N457 billion as of March, being the market shortfall and legacy debts. We have traced N217 billion to legacy debts, and we are in discussion with Ministry of Finance Incorporated (MOFI) to pay us something out of it,” Ajiboye stated.
The debt, he added, is severely limiting the company’s ability to fund and expand transmission projects, especially at a time when the electricity sector is struggling to meet rising demand and grid stability concerns.
The broader electricity industry in Nigeria is currently weighed down by a debt crisis of over N4 trillion, rooted in a complex web of unpaid government subsidies, delayed remittances, and sector-wide liquidity constraints.
Ajiboye emphasized that timely intervention and debt repayment will help unlock capital, support ongoing upgrades, and boost confidence in the struggling power value chain.
