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International consumers owe Nigeria $51m for electricity — FG

todayMay 27, 2024 4

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International consumers failed to remit about $51.26m to Nigeria for electricity exported from Nigeria to the power users in 2023, the Federal Government revealed in the latest industry data showing the non-remittances by the consumers.

Also, another group of customers categorised as bilateral power consumers did not remit about N7.61bn to the Nigerian power sector in 2023.

The Nigerian Electricity Regulatory Commission condemned the development, describing it as a payment indiscipline that must be curtailed by the Market Operator, an arm of the Transmission Company of Nigeria, which is the firm in charge of Nigeria’s power export.

An analysis of the government’s industry data indicated that the international consumers failed to remit $16.11m, $11.97m, $11.16m, and $12.02m to Nigeria for the electricity exported to them in the first, second, third, and fourth quarters of 2023 respectively.

Similarly, bilateral consumers did not pay N827m, N2.03bn, N2.8bn, and N1.95bn to the Nigerian government for electricity sold to them in the first, second, third, and fourth quarters of last year.

Nigeria lacks adequate power to meet the electricity demand of citizens in the country. But industry players explained that the country exports electricity based on strategic agreements with neighbouring countries such as Niger, Togo, Benin, among others.

However, over the years some of these international consumers have not been making adequate payments for the power exported to them from Nigeria.

Written by: EaglesFM

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