Nigerian Electricity Regulatory Commission has called on the Federal Government to intervene in debts by international customers and others to the power sector.Nigerian Electricity Regulatory Commission has called on the Federal Government to intervene in debts by international customers and others to the power sector.
A breakdown of the debt by the DisCos showed that in 2023/Q4, the cumulative upstream invoice payable by DisCos was approximately ₦270 billion, consisting of ₦223 billion for generation costs from the Nigerian Bulk Electricity Trading company, and about ₦47 billion for transmission and administrative services by the MO.
The report further detailed that none of the four international customers being supplied by GenCos in the Nigerian Electricity Supply Industry , made payment against the cumulative invoice of $12.02 million issued by the MO for services rendered in 2023/Q4. Experts have said Nigeria’s over 200 million populace requires at least 30, 000MW to attain sufficiency.
The Federal Government has commissioned a new 5.2 million standard cubic feet per day Compressed Natural Gas plant in Lagos to mitigate the impact of the fuel subsidy removal and a more sustainable energy future for the nation. President Bola Tinubu has invited countries worldwide, especially those on the African continent, to take advantage of investment opportunities in Nigeria’s blue economy.