The West African trio of Niger, Benin, Togo has remitted a combined sum of N2.04bn as outstanding electricity bill purchased from Nigeria in the first quarter of 2020.
This was disclosed by the Nigerian Electricity Regulatory Commission as part of it’s report for the first quarter of 2020.
According to NERC, an invoice total of N4.05bn ($13.22m) were issued by the Market Operator to international customers which include Societe Nigerienne d’electricite (Niger), Societe Beninoise d’Energie Electrique (Benin) and Compagnie Energie Electrique du Togo (Togo).
The reported stated that Niger made a payment of ₦1.61bn ($5.27m), while Benin paid ₦0.43bn ($1.39m) as part of outstanding bills for the energy received from NBET and services rendered by the MO.
According to NERC, tariff shortfall (represented by the difference between actual end-user tariffs payable by consumers and the cost-reflective rates approved by NERC) had partly contributed to liquidity challenges being experienced in the industry.
It also noted that the settlement ratio to the expected Minimum Remittance Thresholds, having adjusted for tariff shortfall, shows that power distribution companies needed to improve on their performance.