Nigerian Electricity Regulatory Commission (NERC) reveals that Benin and Togo have outstanding electricity debts totaling $5.7 million for the second quarter of 2024
Benin and Togo owe Nigeria $5.7 million in outstanding electricity payments for power consumed in the second quarter of 2024, according to the Nigerian Electricity Regulatory Commission (NERC). The unpaid sum is part of a larger $15.6 million invoice issued to these international electricity customers between April and June 2024.
The two countries, Benin and Togo, through their respective companies, Para-SBEE and Mainstream-NIGELEC, have varying levels of remittance. Para-SBEE in Benin Republic settled 71.21% of its $4.29 million bill, while Transcorp-SBEE, also based in Benin, managed to clear 100% of its $4.25 million charge. On the other hand, Mainstream-NIGELEC in Togo paid 69.72% of the $3.59 million it owed, leaving Odukpani-CEET in Togo with no payments made during the quarter.
The electricity debt owed by Benin and Togo highlights the ongoing challenges in Nigeria’s electricity market. In Q1 2024, none of the four international bilateral customers paid against the $14.19 million invoice issued by Nigeria for services provided. However, improvements were seen in Q2 2024 as some outstanding debts were cleared.
NERC’s Q2 report also disclosed that total payments received from international bilateral customers amounted to $16.65 million, with Transcorp-SBEE and Mainstream-NIGELEC settling previous arrears. However, the total remittance rate for international customers, including Benin and Togo, stood at 62.88% for the quarter, highlighting the outstanding debts these countries continue to owe.
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