Niger Republic, Benin Republic, And Togo Fail To Settle $16.11 Million Electricity Debt To Nigeria In Q1 2023

In the first quarter (Q1) of 2023, Niger Republic, Benin Republic, and Togo have defaulted on a payment amounting to $16.11 million for electricity supplied by the Nigerian government.....KINDLY READ THE FULL STORY HERE▶

This information was disclosed by the Nigerian Electricity Regulatory Commission (NERC) in its Q1 2023 report, which was released on Wednesday in Abuja….CONTINUE READING

According to the report, the electricity was provided to four companies across three nations: Paras-SBEE and Transcorp-SBEE from Benin Republic, Mainstream-NIGELEC from Niger, and Odukpani-CEET from Togo.

NERC detailed that Paras-SBEE had an outstanding debt of $3.46 million, Transcorp-SBEE owed $3.85 million, Mainstream-NIGELEC’s debt was $5.48 million, and Odukpani-CEET owed $3.32 million.

The Commission pointed out that the recurring pattern of non-payment by international and bilateral customers necessitates invoking market rules to address the payment inconsistency exhibited by the various participants.

The report stated: “During Q1 2023, none of the international customers listed below made any payment toward the cumulative $16.11 million invoice issued to them: Paras-SBEE ($3.46 million), Transcorp-SBEE ($3.85 million), Mainstream-NIGELEC ($5.48 million), and Odukpani-CEET ($3.32 million).

“The Market Operations (MO) issued invoices to all eight bilateral customers within the Nigerian Electricity Supply Industry (NESI), totaling N842.38 million. Over the quarter, only North-South/Star Pipe managed to remit ₦15.38 million against an invoice of N24.69 million issued to them.

“This indicates that the collective remittance performance of bilateral customers for the period stood at 1.83 percent.