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DisCos failed to remit ₦870bn as of September 2020
- ₦174.3bn was paid to GenCos in 2019 with a ₦496.65bn shortfall
- ₦176bn was paid in 2020 with a shortfall of ₦387bn
Data obtained from the Key Financial and Operational Data of the Distribution Companies (DisCos) for the period of January 2019 to September 2020 has revealed that the Generation Companies (GenCos) were owed a total of ₦865bn for the period in review.
In 2019, the GenCos invoice was a total of ₦675bn of which only ₦174.3bn was remitted by the DisCos. Similarly, as of September 2020, only ₦176bn was paid out of the total GenCos invoice of ₦545bn. The implication of the data is the GenCos received less than 30 per cent of the invoices from the Nigerian Bulk Electricity Trader (NBET).
According to the data, the DisCos who performed the most in terms of remittances are Ikeja DisCo (₦62bn), Eko DisCo (₦55bn) and Abuja DisCo (₦56.6bn) respectively.