13 November 2017

Nigeria Recovers $65m Electricity Debt Owed By Niger, Benin Republics

Photo: World Bank

Abuja — Nigeria has made some significant progress in its attempt to recover millions of dollars owed her electricity industry by two of her West African neighbours, Benin and Niger Republics, for electricity supplied to them, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed.

Fashola stated on Monday at the 21st edition of the monthly power sector operators in Asaba that the Nigerian Bulk Electricity Trading Plc. (NBET) has recovered $64.6 million out of about $115.91 million owed operators in the country's power market by both countries.

He noted that disbursements of the recovered funds to beneficiaries by NBET would commence shortly, adding that eligible beneficiaries would be paid their monies.

"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. People wonder why we sell power to them but it is a product of treaties and agreements and they also help our own economy.

"So, we have a total of $64.630,055.00 that had been recovered, and NBET will work out the modalities for its distribution and hopefully by next month you should be able to report that you have received alert," said Fashola, in his opening remarks at the meeting.

More on This

Govt Recovers U.S.$64.6 Million Electricity Debt From International Customers

The Federal Government on Monday announced that it had recovered 64.6 million dollars electricity debt from its… Read more »

See What Everyone is Watching

Copyright © 2017 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.