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Home Business & Finance

Nigeria Seeks $14.19M from Neighboring Countries for Unpaid Electricity

Nnaemeka OkwarabyNnaemeka Okwara
August 22, 2024
in Business & Finance
0
Nigeria Seeks $14.19M from Neighboring Countries for Unpaid Electricity
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The Nigerian Electricity Regulatory Commission (NERC) has shared its report for the first quarter of 2024 which states that international clients, including Niger Republic, Togo and Benin republic owe an outstanding $14.19 million electricity bills.

This debt accumulation has led to fears about how long Nigeria’s electricity supply will be able to meet the demands of its neighboring countries despite ongoing efforts aimed at recovering the payments.

According to the report not one of the four bilateral customers in relation to power supply made any remittance during the first quarter 2024; however some clients did settle debts from previous periods amounting up-to$5.19 million.

On the other hand, Domestic bilateral customers were still owing N1.86 billion but eight people managed to pay N505.71 million leaving it with a balance of N1.35 billion

An invoice was sent to Distribution Companies (DisCos) which showed that they owe a total amount of N114.12 billion for upstream services against which only 110 .62 billion was paid while 3 .50 billion remained unpaid.

As the data shows, average available generation capacity has dropped significantly during first quarter of 2024 reaching 4249.10 MW due to reduced generation capacities coming from 17 power stations.

In total, there was an overall decrease in power generation by 9.21% (901.94GWh) as a result of decreased generation capacities.

The recommendations made in NERC report emphasize immediate settlement of debts so as to allow sustainable electricity supply for all consumers within this region.

Tags: countrieselectricityfederal characterNewsNigeriaNigeria Seeks $14.19M from Neighboring Countries for Unpaid Electricity
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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