According to the report, as of the quarter under review, electricity Distribution Companies also known as the DisCos, and four international customers serviced by the Market Operator, did not remit a total of ₦97.5bn to the power sector in the fourth quarter of 2023.
Statistics obtained from the Nigerian Electricity Regulatory Commission’s 2023 fourth quarter report, said the 11 DisCos held unto ₦81bn, while four international customers (Paras SBEE, Transcorp SBEE, Mainstream NIGELEC and Odu-Pani-CEET ), did not remit $12m (₦16.5 when converted using ₦1,367/$1 rate) invoice issued to them by the MO for services rendered in 2023/Q4.
This puts total debt by the DisCos and international customers at ₦97.5bn for the period under review.
A breakdown of the explanation of the debt by the DisCos, showed that in 2023/Q4, the cumulative upstream invoice payable by DisCos was approximately ₦270bn, consisting of ₦223bn for generation costs from the Nigerian Bulk Electricity Trading (NBET) company, and about ₦47bn for transmission and administrative services by the MO.
