The Nigeria Bulk Electricity Trading Plc failed to pay 25 power producers a total of N119.55bn in the first three months of this year for the electricity produced and fed into the national grid.
The government-owned NBET buys electricity in bulk from power generation companies through Power Purchase Agreements and sells through vesting contracts to the distribution companies, which then supply it to the consumers.
The power stations gave NBET a total invoice of N51.85bn in January; N51.42bn in February, and N52.82bn in March. The total power generation in the country increased slightly to 3,050.7 megawatts as of 6am on Tuesday from 2,985.9MW on Monday, data obtained from the Nigerian Electricity System Operator showed.
The nation generates most of its electricity from gas-fired power plants, while output from hydropower plants makes up about 30 per cent of the total generation.
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