Minister of Power, Works and Housing Babatunde Fashola has announced that the Republics of Benin and Niger have paid an additional sum of $68 million to defray debts owed for power supplied by Nigeria. Fashola gave the information during the monthly stakeholders meeting held in Asaba, Delta State.
To those of you businessmen, I have good news for you. We have recovered payments from power that we sold to Benin and Niger Republics. So, we have a total of $64.630,055.00 million, that had been recovered, and NBET will work out the modalities for its distribution.
The Nigerian Bulk Electricity Trading company (NBET) purchases power in bulk from Generating Companies (GENCOs) and then sells to the Distribution Companies. The two countries in August made $159 million part payment.
Not yet Uhuru
Despite the payments, the two countries still owe Nigeria over $18 million and this could subsequently increase, when plans to increase the amount of power supplied to both countries are implemented. A second transmission line from Ikeja to Sakete in the Republic of Benin is being constructed and will be ready by 2021. Government must find a more efficient way of collecting the bills as at when due.
Nigeria supplies power to the Republics of Benin, Togo and Niger as part of a bilateral agreement. The Republics of Benin and Togo are supplied 200 MW, while Niger Republic gets 100 MW.