Benin Republic and Togo have yet to settle a combined electricity debt of $8.84 million for power supplied in the fourth quarter of 2024, according to a recent report by the Nigerian Electricity Regulatory Commission (NERC).
The report, which details payments made by both local and international bilateral customers, highlights that six international companies consuming electricity from Nigeria’s power generation firms remitted only $5.21 million out of a total invoice of $14.05 million. This represents a remittance rate of just 37.08%.
A breakdown of payments made by the international consumers reveals:
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Paras-SBEE (Benin Republic) – Paid $2.65 million
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Paras-CEET (Benin Republic) – Paid $1.64 million
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Transcorp-SBEE (Ughelli, Benin Republic) – Paid $1.71 million out of $3.59 million
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Transcorp-SBEE (Afam 3, Benin Republic) – Paid $0.90 million out of $1.2 million
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Odukpani-CEET (Togo) – Owes $2.37 million without any recorded payment
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Mainstream-NIGELEC – The only company that fully cleared its invoice of $2.60 million
On the domestic front, Nigerian bilateral electricity customers collectively paid N1.25 million out of the N1.98 million billed to them for the last quarter of 2024, achieving a remittance rate of 63.36%.
This report underscores the ongoing financial strain in Nigeria’s international electricity supply agreements, as payment inconsistencies from foreign customers continue to impact the sector’s financial sustainability.
