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NBET has said the DisCos owe a total of ₦419 billion
- This is for the period of January to September 2020
- DisCos have defaulted in the minimum remittance requirement
The Nigeria Bulk Electricity Trader (NBET) has said that the Distribution Companies (DisCos) owe the market a total of ₦419 billion. In the latest report from NBET, the Energy invoice issued for January to September 2020 amounted to ₦538.25 billion. The DisCos made a total payment of ₦121.31 billion. The remittance performance of the DisCos for this period is slightly above 20%. According to NBET, the poor remittance performance was due to the effects of COVID-19 on the electricity market.
The Remittance Order of NERC provides for the minimum mandatory remittance each DisCo must make. This, however, is not what is obtainable in the market. DisCos have not been able to meet the minimum remittance as prescribed in the Order.