Benin and Togo owe Nigeria $8.84 million for electricity used in 2024/Q4. The NERC reports a remittance performance of 37.08% from international customers and a total revenue of N509.84 billion collected by DisCos during the same period. Collection efficiency increased to 77.44% compared to the previous quarter’s 74.55%.
The Benin Republic and Togo owe Nigeria a total of $8.84 million for electricity consumption during the fourth quarter of 2024, as reported by The PUNCH. The Nigerian Electricity Regulatory Commission (NERC) provided this information in a report detailing payments made by both domestic and international bilateral customers in the electricity sector during that period.
In the report, it was disclosed that six international customers receiving electricity from Nigerian generating companies, or Gencos, collectively made a payment of $5.21 million against a total outstanding invoice of $14.05 million from the Market Operator. This leads to a remittance performance of 37.08 percent. Specific payments included $2.65 million from Paras-SBEE and $1.64 million from Paras-CEET in Benin, along with payments from Transcorp-SBEE (Ughelli) and Transcorp-SBEE (Afam 3). Togo’s Odukpani-CEET has an outstanding debt of $2.37 million.
The NERC report also highlighted that Mainstream-NIGELEC successfully paid off an entire $2.60 million invoice. Furthermore, domestic bilateral customers paid a total of N1.25 million out of an invoiced N1.98 million in 2024/Q4, resulting in a remittance performance of 63.36 percent. Some bilateral customers made additional payments for outstanding invoices from previous quarters.
Additionally, the Market Operator collected N135.81 million from domestic bilateral customers for earlier outstanding invoices. These payments came from various companies, including NDPHC-Weewood and Trans-Amadi. However, Ajaokuta Steel Co. Ltd and the associated community failed to remit any payments towards an aggregate of ₦1.27 billion in outstanding invoices for 2024/Q4.
In terms of overall revenue, electricity distribution companies (DisCos) in Nigeria generated N509.84 billion during the last three months of 2024, which translates to 77.44 percent of the total amount of N658.40 billion billed to customers. The collection efficiency improved to 77.44 percent from 74.55 percent in the previous quarter, marking a positive trend in revenue collection within the sector.
In conclusion, the outstanding electricity debts owed by the Benin Republic and Togo highlight ongoing financial challenges within the Nigerian electricity supply industry. Despite some payments being made by bilateral customers, significant amounts remain unpaid, particularly from certain special customers. The increase in collection efficiency among Nigerian DisCos is a positive development, indicating progressive trends in revenue collection within the sector.
Original Source: punchng.com
