NBET Disburses N14bn to Power Producers From Foreign Buyers

The Nigerian Bulk Electricity Trading Plc has received and commenced the disbursement of a total of $46.64m (N14.3bn at N307 to one dollar) international customers’ payment to power generation companies across the country.

NBET received $16.06m from Nigeria’s electricity Market Operator last week, in addition to the earlier sum of $30.58m it got from the MO.

The NBET, in the latest summary of power distribution and generation companies’ invoices and payments, stated that it had already submitted the schedule for the payment of the Gencos to the Central Bank of Nigeria for disbursement to the power producers.

The electricity bulk trader stated that it had asked the Gencos to issue invoices for the disbursement of the fund.

The report, which was presented at the just-concluded power sector stakeholders’ meeting, was obtained by our correspondent from the Federal Ministry of Power, Works and Housing in Abuja on Wednesday.

It has also been reported that the Federal Government had recovered $64.63m electricity debt from the Republics of Benin and Niger.

Source: Punch

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