Nigeria has invested a whopping N181 billion into power generation and distribution but yet power supply has not improved.
Marilyn Amobi, the Managing Director and Chief Executive Officer of the Nigerian Bulk Electricity Trading Plc, made this known over the weekend to the newly inaugurated minister of power, Engr. Sale Mamman .
She said a total of N181 billion were paid to five generation companies (GenCos) for electricity not used by Nigerians.
Federal government paid the said amount in line with contract agreement with GenCos.
At the meeting Amobi said: “One thing that you may hear of again is the question around undelivered capacity payment that we have made.
“In summary, since the transition electricity market started as at the last payment last month, NBET has bought a total of N181 billion which we paid primarily to five distribution companies based on their contracts with us, but for electricity Nigerians did not use. “
She also said that the money was paid ” within this context and under the N701 billion (the federal government’s Payment Assurance Guarantee intervention of 2017) which was borrowed at five per cent interest, we have paid the sum of N181 billion for electricity we did not use.”
It would be recall that the Nigerian Electricity Regulatory Commission (NERC) said the planned increase in tariff was done through consultation with Electricity Distribution Companies (DisCos) and stakeholders in the sector.