The Nigerian Electricity Regulatory Commission (NERC) has revealed that Benin Republic and Togo owe Nigeria $5.79 million for the energy used in the second quarter (Q2) of 2024.
According to the NERC’s second quarter 2024 report, out of the $15.60 million that was billed for power utilized during that time, $9.81 million was paid by international consumers between April and June 2024.
The businesses in question include Odukpani-CEET in Togo, Mainstream-NIGELEC in Togo, Para-SBEE in the Benin Republic, and Transcorp-SBEE in Benin.
Transcorp-SBEE in Benin remitted all of the $4.25 million that Nigeria had charged, whereas Para-SBEE in the Benin Republic remitted 71.21 percent of the $4.29 million invoiced.
During the period under review, Odukpani-CEET made no remittances, while Mainstream-NIGELEC in Togo paid 69.72 percent of $3.59 million.
None of the four foreign clients paid for the $14.19 million in power used during the first quarter.
According to NERC, the foreign bilateral clients made $16.65 million in payments during the second quarter.
It stated that “Transcorp-SBEE and Mainstream-NIGELEC have paid all outstanding invoices from prior quarters.”
According to NERC, “the four international bilateral customers that Gencos supplies in the NESI paid $9.81 million against the $15.60 million cumulative invoice that the MO issued for services rendered in 2024/Q2, translating to a remittance performance of 62.88 percent.”
According to the electricity regulator, residential consumers paid N1.30 billion in the second quarter, which translates to a 65.07 percent remittance performance, compared to the N1.99 billion cumulative invoice the MO sent them for services performed.
For earlier bills, domestic bilateral clients paid almost N1.30 billion.
Between the first and second quarters, the federal government’s responsibility to provide power subsidies decreased from N633.30 billion to N380.06 billion.
“The government’s policy directive to implement reviews of tariffs charged to Band A customers while the tariffs for Band B-E customers remain frozen at the rates payable since December 2022 is the reason for the significant decrease in the Federal Government’s subsidy obligation,” NERC stated.
