NBET disburses N14bn to power producers from foreign buyers

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The Nigerian Bulk Electricity Trading Plc has received and commenced the disbursement of a total of $46.64m (N14.3bn at N307 to one dollar) international customers’ payment to power generation companies across the country.

It was gathered in Abuja on Wednesday that NBET received $16.06m from Nigeria’s electricity Market Operator last week, in addition to the earlier sum of $30.58m it got from the MO.

The NBET, in the latest summary of power distribution and generation companies’ invoices and payments, stated that it had already submitted the schedule for the payment of the Gencos to the Central Bank of Nigeria for disbursement to the power producers.

The electricity bulk trader stated that it had asked the Gencos to issue invoices for the disbursement of the fund.

The report, which was presented at the just-concluded power sector stakeholders’ meeting, was obtained by our correspondent from the Federal Ministry of Power, Works and Housing in Abuja on Wednesday.

On November 14, it was reported that the Federal Government had recovered $64.63m electricity debt from the Republics of Benin and Niger.

The Minister of Power, Works and Housing, Babatunde Fashola, had directed NBET to work out the modalities for the distribution of the money to the power producing firms in Nigeria.

On August 9, 2017, newsmen had exclusively reported that the NBET and the Transmission Company of Nigeria jointly wrote to the power firms of the Republics of Benin and Niger, demanding the payment of an outstanding $115.91m for electricity supplied to both countries by Nigeria.

Our correspondent had reported that the letter was written to NIGELEC of the Republic of Niger and Community Electric du Benin of the Republic of Benin.

But in its latest report, NBET confirmed that it had received some of the funds and also stated that it had commenced the disbursement to power producers.

“The NBET has received $30.58m international customers’ payment from the Market Operator and already submitted the payment schedule to the CBN for disbursement. Additional $16.06m ($4.10m and $11.95m) was received from the Market Operator last week. The NBET had already requested the Gencos to issue invoices for disbursement,” it stated.

A further analysis of the report on the NBET’s payments to the Gencos showed that Egbin power generation firm contributed the highest quantum of electricity (15.05 per cent) that was sold to international customers.

It also showed that Egbin would get the highest payment from the electricity bulk trader, as it would receive $6.97m for electricity supplied to international power users.

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