Power distribution companies in the country failed to remit a total of N159bn to the Nigerian Bulk Electricity Trading Plc for the invoices given to them for electricity sold to them in the first five months of the year.
The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells to the Discos, which then supply to the consumers.
The Discos were given invoices of N230.27bn from January to May but only paid N71.29bn, data obtained from the bulk trader showed. In January, seven Discos, namely Benin, Eko, Ibadan, Ikeja, Kaduna, Kano and Port Harcourt Discos, did not make any remittance to NBET.
Source: Economic Confidential