The NERC Report states that Nigeria is owed $88.84 million by the Benin Republic and Togo for electricity supplied to them in the last quarter of 2024.
The Benin Republic and Togo owe Nigeria a total of $88.84 million for the electricity supplied and used by their citizens and industries in the fourth quarter of 2024.
This was disclosed in a 2024 report by the Nigerian Electricity Regulatory Commission (NERC).
According to the report, in Q4 2024, Nigeria received 37.08% of payments of what they were owed. This means about $5.21 million was received from a total invoice of $14.05 million of electricity supplied to six international bilateral customers by Nigeria’s Gencos.
The six international companies are Paras-SBEE in the Benin Republic ($2.65m); Paras-CEET also in Benin ($1.64m); Transcorp-SBEE (Ughelli) in Benin paid $1.71m out of $3.59m; Transcorp-SBEE (Afam 3) paid $0.90m out of its $1.2m invoice; and Odukpani-CEET in Togo owes $2.37m.
Only Mainstream-NIGELEC were able to clear out their $2.60 million invoice issued to the company by the market operator.
The NERC report also stated that Nigeria received about 63.36% of payments from domestic bilateral customers; this means a cumulative payment of N1.25 million was received against the invoice of N1.98 million.
An excerpt from the NERC report states, “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 $0.98m, $0.7m, and $1.3m, respectively, towards outstanding invoices from previous quarters.
“Similarly, the MO received N135.81 million from the domestic bilateral customers [NDPHC-Weewood: N21.17 million; North South/Star Pipe: N11 million; Taopex: N83 million; and Trans-Amadi (OAU/FMPI): N20.74 million] towards outstanding invoices from previous quarters.”
It also disclosed that Ajaokuta Steel Company and the host community owe about N1.27 billion from the Q4 2024 invoices sent to them.
Finally, NERC also stated in its report that Nigeria experienced a higher collection percentage of 77.44% with its local consumers of electricity. It stated that a total of N509.84 billion was generated in Q4 2024 from a N658.40 billion invoice sent to consumers.
The NERC report says, “The 77.44 percent collection efficiency recorded in 2024/Q4 is +2.89 pp higher than the collection efficiency recorded in 2024/Q3.”
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