Emmanuel Addeh in Abuja Nigeria's power Generation Companies (Gencos) recorded a weak cash recovery in 2025, with only 39.25 per cent of their total invoices settled, as unfunded government subsidies ballooned to N1.85 trillion in one year, weighing heavily on the liquidity of the electricity market. Latest industry data seen by THISDAY showed that Gencos issued invoices totaling N3.16 trillion for electricity generated during the year. However, cumulative payments amounted to N1.24 trillion, while actual cash remittances stood at N1.17 trillion, reflecting a settlement rate of just 39.25 per cent. The Nigerian Electricity Regulatory Commission (NERC) data underscored a persistent structural gap in the Nigerian Electricity Supply Industry (NESI), where revenues fall significantly short of