Benin Republic and Togo owe Nigeria $5.79 million for the energy consumed in the second quarter (Q2) of 2024, the Nigerian Electricity Regulatory Commission (NERC) has said.
The NERC said in its second quarter 2024 report that the international customers paid $9.81 million between April and June 2024, out of the $15.60m invoiced for the electricity used within the period.
The companies involved are: Para-SBEE in Benin Republic, Transcorp-SBEE in Benin, Mainstream-NIGELEC in Togo, and Odukpani-CEET in Togo.
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Para-SBEE in Benin Republic remitted 71.21 percent of the invoiced $4.29 million, while Transcorp-SBEE in Benin remitted 100 percent of the $4.25 million charged by Nigeria.
Mainstream-NIGELEC in Togo paid 69.72 percent of $3.59 million while Odukpani-CEET remitted nothing during the period under review.
In the first quarter, none of the four international customers made payments for the $14.19 million of power used within period.
NERC said the international bilateral customers paid a total of $16.65 million over the second quarter.
“Transcorp-SBEE and Mainstream-NIGELEC have made payments towards all outstanding invoices from previous quarters,” it noted.
“The four international bilateral customers being supplied by Gencos in the NESI made a payment of $9.81m against the cumulative invoice of $15.60m issued by the MO for services rendered in 2024/Q2, translating to a remittance performance of 62.88 per cent,” NERC further said.
The electricity regulator explained that domestic customers paid N1.30 billion in the second quarter as against the cumulative invoice of N1.99 billion issued to them by the MO for services rendered, translating to 65.07 percent remittance performance.
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About N1.30 billion was received from domestic bilateral customers for previous bills.
On electricity subsidy, the federal government’s subsidy obligation was reduced from N633.30 billion to N380.06 billion between the first and the second quarter.
“The significant decrease in the subsidy obligation of the Federal Government is a result of the policy directive of the government 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,” NERC noted.
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