Nigeria’s power distribution firms did not remit N158.98bn to the Nigerian Bulk Electricity Trading Plc for electricity sold to them in the first five months of 2018.
This was revealed by the NBET in its recent report on bulk electricity.
The NBET purchases electricity in bulk from generation companies via Power Purchase Agreements and sells to the Discos, which hands over to the consumers.
Punch reports the data to have indicated that the Discos were handed invoices of N230.27bn from January to May.
However, they (Discos) only paid N71.29bn and in January, seven Discos, namely Benin, Eko, Ibadan, Ikeja, Kaduna, Kano, and Port Harcourt Discos, did not make any remittance to NBET.