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Electricity Consumers Pay N210bn In Q4 2021
The Nigerian Electricity Regulatory Commission has said that power consumers paid a total of N210.17bn to distribution companies in the fourth quarter of last year. In its Quarterly Report for Fourth Quarter 202, NERC noted that the N210.17bn represented 9.34 percent of the total electricity bill given to consumers by electricity distribution companies during the…
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In Nine Months, Gencos Record N304bn Payment Shortfall
Between January and September 2021, the Federal Government has said that power generation companies were paid a total of N311.1bn after providing an invoice of N614.6bn for electricity supplied. However, the government had to augment the payment to the Gencos with a total of N129.83bn Payment Assurance. This was between January and June last year.…
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Electricity Subsidy Gulps N30bn Per Month
The Federal Government has said that the amount spent on subsidising electricity in the country every month in Nigeria is now about N30 billion. The reduction by N20 billion, according to the government, is following improvements in the collection of power tariffs by distribution companies. The government stated this in a document on the progress…
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NERC: Gencos Recieved N81.14bn Payment Assurance In 2020
The Nigerian Electricity Regulatory Commission has said power generation companies received N81.14bn as payment assurance from the Nigeria Electricity Bulk Trading Plc in 2020. NERC disclosed this in its latest Key Operational and Financial Data of the Nigerian Electricity Supply Industry: 2019-2020. NBET disburses payment assurance to power generators to enable the Gencos to meet…
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Electricity: 78% Nigerian Consumers Get Below 12-Hour Daily Supply
The World Bank has said a total of 74 percent of power users in Nigeria are dissatisfied with the supply of electricity across the country. The World Bank also stated that 93 percent of metered power users paid their bills regularly while 78 percent of electricity consumers in Nigeria received less than 12 hours of…
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DISCOs Indebtedness Hits N510.53bn In 2020
The indebtedness of the 11 Distribution Companies to Nigerian Bulk Electricity Trading Plc has increased to N510.53billion in 2020. This indicates an increase of 11.2 per cent compared to N453.14billion, recorded in the corresponding period of 2019. This debt profile accrued means that the11 Power DisCos in the country could not remit a total of…
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FEC Approves $26m For Power Projects In Borno, Yobe, Adamawa
The Federal Executive Council has approved about 26million dollars for various power projects in Borno, Yobe and Adamawa states. Minister of Power, Sale Mamman, made this known at the end of the Council meeting, presided over by Vice-President Yemi Osinbajo. He said the $1.62million of the approved amount was the payment of the claims and…
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Mass Metering: CBN Releases N33.4b To DisCos
The Central Bank of Nigeria has so far released N33.2 billion to electricity Distribution Companies in the country, Nigerian Electricity Regulatory Commission. This is a fraction out of the N59.2 billion earmarked for the National Mass Metering Project by the Federal Government. NERC Chairman, Engr Sanusi Garba, spoke during an interactive session between the Senate…
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NBET Owes Power Producers N437.67bn For 2020’s Generation
With a total invoice of N739.68bn, power generation companies were not paid 59.17 percent of the invoice issued in 2020 for the electricity produced and fed into the national grid. The government-owned Nigerian Bulk Electricity Trading Plc buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the…
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NERC: Seven Million Customers Unmetered, Three Million Meters Obsolete
The Nigerian Electricity Regulatory Commission has said over seven million power users have not been metered while three million meters installed in the residents of power users are obsolete. The Commission said this in its latest Order No. NERC/246/2021 on structured replacement of faulty and obsolete end-use customer meters stating that the large number of…