The Benin Republic and Togo have an outstanding balance of $5.79 million for electricity supplied by Nigeria in the second quarter of 2024, according to the Nigerian Electricity Regulatory Commission (NERC).
In its Q2 report, NERC revealed that the countries paid $9.81 million of the $15.60 million billed for electricity usage from April to June 2024.
The report highlights that four companies were involved: Para-SBEE and Transcorp-SBEE in Benin, as well as Mainstream-NIGELEC and Odukpani-CEET in Togo.
Transcorp-SBEE remitted the full $4.25 million it was invoiced, while Para-SBEE paid 71.21% of its $4.29 million bill.
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Mainstream-NIGELEC settled 69.72% of its $3.59 million invoice, but Odukpani-CEET made no payments during the period.
In contrast, none of the international customers made payments for the $14.19 million invoiced during Q1 2024. However, NERC noted that Transcorp-SBEE and Mainstream-NIGELEC have been paying off outstanding invoices from previous quarters.
Domestically, Nigerian customers paid N1.30 billion of the N1.99 billion billed for services in Q2, translating to a remittance performance of 65.07%.
NERC also reported a sharp reduction in the federal government’s electricity subsidy obligations, falling from N633.30 billion in Q1 2024 to N380.06 billion in Q2, following tariff adjustments for high-consumption Band A customers.
Tariffs for lower consumption Bands B-E have remained unchanged since December 2022.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
