Power distribution companies in the country failed to pay a total of N76.19bn to the Nigerian Bulk Electricity Trading Plc for electricity sold to them in the first two months of this year.
The government-owned NBET buys electricity in bulk from generation companies through Power Purchase Agreements and sells through vesting contracts to the Discos, which then supply it to the consumers.
Yola Electricity Distribution Company, which was returned to the Federal Government by the core investor in 2015, failed to make any remittance in January. It paid N234.49m in February, representing 12 per cent of the N1.95bn invoice it received from NBET. Eko Disco remitted N2.52bn and N2.18bn in January and February respectively, while Enugu Disco paid N1.05bn and N909m .
Port Harcourt Disco paid N772.38m and N543.19m in January and February, while Kano Disco remitted N700m and N500m .
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