14 March 2018, Sweetcrude, Lagos – The Nigerian Bulk Electricity Trading, NBET, has recorded about 92 percent shortfall in its remission of payments to the power generation companies or Gencos in December.
According to an electricity payment schedule released by the agency, the 92 percent payment shortfall revealed that just an 8.25 percent payment was made by NBET to the Gencos.
A breakdown showed that as at December 2017, 25 Gencos submitted their invoices for same month worth N54,242,749,563.22 (N54 billion), However, NBET made payment of N4,476,404,925.21 (N4.5 billion), representing 8.25 percent of total bill.
Explaining the reason for its shortfall in payments to the Gencos, NBET attributed it to what was remitted by the electricity distribution companies or Discos.
The electricity trading company said that it received late payment for December 2017 from some Discos.
The Discos that made late payment are Abuja, Benin, Enugu and Port Harcourt Discos which paid NBET N4.47 billion for the December invoices of N50.21 billion representing 8.91 per cent.
While the Gencos have continuously lamented huge debts owed it by NBET, the Discos have equally blamed their inability to remit money to the NBET on either non-payment or partial payment of electricity bills by customers.