Benin Republic and Togo have accumulated a debt of $8.84 million for electricity supplied by Nigeria in the fourth quarter of 2024.

The Nigerian Electricity Regulatory Commission (NERC) disclosed this in its latest report detailing remittances made by bilateral and special customers for invoices issued in Q4 2024 by the Market Operator.

According to the report, the six international bilateral customers receiving power from Nigeria’s electricity generation companies (Gencos) collectively paid $5.21 million out of the $14.05 million invoiced, representing a remittance rate of 37.08 percent.

The international customers include Paras-SBEE in Benin Republic, which paid $2.65 million; Paras-CEET in Benin, which remitted $1.64 million; and Transcorp-SBEE (Ughelli) in Benin, which paid $1.71 million out of its $3.59 million invoice.

Additionally, Transcorp-SBEE (Afam 3) settled $0.90 million out of its $1.2 million invoice, while Odukpani-CEET in Togo still owes $2.37 million.

The report indicated that Mainstream-NIGELEC was the only company to fully settle its $2.60 million invoice issued by the Market Operator.

The Nigerian Electricity Regulatory Commission (NERC) further stated that domestic bilateral customers collectively paid N1.25 million out of the N1.98 million invoiced to them for services rendered in the last quarter of 2024, reflecting a remittance performance of 63.36 percent.

“It is noteworthy that some bilateral customers (both domestic and international customers) made payments during 2024/Q4 for outstanding MO invoices from previous quarters. Paras-CEET, Pars-SBEE and Transcorp-SBEE made payments of $0.98 million, $0.7 million, and $1.3 million respectively, towards outstanding invoices from previous quarters.”

Similarly, the Market Operator received N135.81 million from domestic bilateral customers for overdue invoices, including NDPHC-Weewood (N21.17 million), North South/Star Pipe (N11 million), Taopex (N83 million), and Trans-Amadi (OAU/FMPI) (N20.74 million).

The report also highlighted that Ajaokuta Steel Co. Ltd and its host community did not make any payment towards the N1.27 billion (NBET) and N0.11 billion (MO) invoices received in Q4 2024.

“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 authorities.”

Additionally, NERC reported that Nigeria’s electricity distribution companies generated N509.84 billion in revenue during the last three months of 2024.

This accounted for 77.44 percent of the N658.40 billion billed to customers in Q4.

“The total revenue collected by all DisCos in 2024/Q4 was N509.84 billion out of the N658.40 billion that was billed to customers.

This translates to a collection efficiency of 77.44 percent.

In comparison, the total revenue collected by all DisCos in 2024/Q3 was N466.69 billion out of the N626.02 billion billed to customers, which translated to a 74.55 percent collection efficiency.

“The 77.44 percent collection efficiency recorded in 2024/Q4 is +2.89pp higher than the collection efficiency recorded in 2024/Q3,” NERC stated.

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