The Nigerian Electricity Regulatory Commission (NERC) says
three international customers failed to remit $16.11 million owed for
electricity supply in the first quarter (Q1) of 2023.
Using the Central Bank of Nigeria’s (CBN) exchange rate as
of August 8, 2023, ($/768.767), the three international customers are owing
N12.38 billion in debt, according to TheCable’s calculations.
Under an international treaty, Nigeria sells electricity to neighbouring
countries like Benin Republic, Togo, and Niger.
NERC’s 2023 Q1 report shows that the aforementioned value of
electricity was sold to four firms in three countries.
The firms are Paras-SBEE and Transcorp-SBEE both from the
Benin Republic; Mainstream-NIGELEC from Niger; and Odukpani-CEET from Togo.
“None of the underlisted international customers made any
payment against the cumulative $16.11 million invoice issued to them in Q1
2023; Paras-SBEE ($3.46 million), Transcorp-SBEE ($3.85 million),
Mainstream-NIGELEC ($5.48 million) and Odukpani-CEET ($3.32 million),” the
report reads.
“The market operations (MO) issued invoices to all the eight
bilateral customers in the NESI in 2023/Q1 which amounted to N842.38 million.
During the quarter, only North-South/Star Pipe made a remittance of ₦15.38
million against an invoice of N24.69 million issued to them.
“This means that for
the period, the cumulative remittance performance of bilateral customers was
1.83 percent.”
The NERC explained that the non-remittance by international
and bilateral customers continues a trend that should prompt the MO to invoke
the provision of the market rules to curtail the payment indiscipline being
exhibited by the various market participants.
The regulator also said under the special customers’
arrangement, Ajaokuta Steel Company Limited and the host community did not make
any payment towards the N0.38 billion (NBET) and N0.08 billion (MO) invoices
received in Q1 2023.
“As of March 2023, Ajaokuta Steel Company Limited had a
total outstanding debt of N26,715,043,905.73 to NBET and N1,739,966,505.69 to
the MO. NERC has communicated this longstanding debt to the federal government
for interventions.” the document further reads.
“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
ministries.”
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