Power sector strained as Togo, Benin, others owe Nigeria $14.19m for electricity exported in Q1
The Nigerian Electricity Regulatory Commission (NERC) reported that none of the four international bilateral electric power customers made payments towards the $14.19 million invoice for services rendered in the first quarter of 2024.
The report identified the defaulters as PARAS-SBEE, Transcorp-SBEE, Mainstream-NIGELEC, and Odukpani-CEET, with respective debts of $3.15 million, $4.46 million, $1.21 million, and $5.36 million.
Additionally, Ajaokuta Steel Co. Ltd and its host community failed to pay their ₦1.27 billion and ₦0.09 billion invoices.
Domestically, no bilateral customers paid against the cumulative invoice of ₦1.860 billion issued by the Market Operators (MO) for Q1 2024.
Despite these challenges, the total revenue collected by all Distribution Companies (DisCos) was ₦291.62 billion out of ₦368.65 billion billed.
Ikeja DisCo led with the highest revenue collection of ₦57.88 billion, while Yola DisCo collected the least at ₦5.46 billion.
NERC highlighted that Ikeja DisCo achieved its revenue requirement for the period, performing commendably against its low ATC&C loss target.
However, most other DisCos did not meet their targets, with Kaduna, Kano, and Jos recording the widest variances. NERC emphasized the need for remedial actions to improve ATC&C loss and secure the financial stability of DisCos.