Benin Republic and Togo have yet to pay a total of $8.84 million for electricity supplied to them by Nigeria in the fourth quarter of 2024, according to a report by the Nigerian Electricity Regulatory Commission.
According to The PUNCH, the report which details payments made by both domestic and international bilateral customers, indicates that out of the $14.05 million invoiced to six international customers, only $5.21 million was remitted, reflecting a payment rate of 37.08 percent.
Among the international firms receiving power from Nigerian generation companies, Paras-SBEE in Benin paid $2.65 million, while Paras-CEET in the same country paid $1.64 million.
Transcorp-SBEE (Ughelli) in Benin remitted $1.71 million out of its $3.59 million invoice, while Transcorp-SBEE (Afam 3) paid $0.90 million out of $1.2 million.
However, Odukpani-CEET in Togo still owes $2.37 million. The only international customer to fully settle its bill was Mainstream-NIGELEC, which paid its entire $2.60 million invoice.
On the domestic front, local bilateral customers paid N1.25 million out of the N1.98 million invoiced in the same period, achieving a payment rate of 63.36 percent.
Some customers also made payments for previous outstanding bills, with Paras-CEET, Paras-SBEE, and Transcorp-SBEE remitting $0.98 million, $0.7 million, and $1.3 million, respectively.
The report further highlighted that Ajaokuta Steel Company Limited and its host community failed to pay any portion of the N1.27 billion owed to the Nigerian Bulk Electricity Trading company and the N0.11 billion owed to the Market Operator.
“This continues a longstanding trend of non-payment by this customer, and the commission has communicated the need for intervention on this issue to the relevant FGN authorities,” NERC stated.
Meanwhile, electricity distribution companies (DisCos) in Nigeria generated N509.84 billion in the last three months of 2024, representing 77.44 percent of the N658.40 billion billed to customers.
“The total revenue collected by all DisCos in 2024/Q4 was N509.84 billion out of the N658.40 billion that was billed to customers. This translates to a collection efficiency of 77.44 percent,” NERC revealed.
In comparison, the total revenue collected by DisCos in the third quarter of 2024 stood at N466.69 billion out of N626.02 billion billed, reflecting a collection efficiency of 74.55 percent.
“The 77.44 percent collection efficiency recorded in 2024/Q4 is 2.89 percentage points higher than the collection efficiency recorded in 2024/Q3,” the commission added.
