SAN FRANCISCO, November 13, (THEWILL) – The Federal Government says it has recovered $64.63m electricity debt from the Republics of Benin and Niger.
This was revealed by the Minister of Power, Works and Housing, Babatunde Fashola, in his speech at a power event in Asaba, the Delta state capital, on Monday.
Fashola disclosed that the Nigerian Bulk Electricity Trading Company has been directed to work out the modalities for the distribution of the money to power producing firms across the country.
“I am happy to announce that we have recovered $64,630,055 from our international customers in Benin Republic and Republic of Niger,” he said.
“The Nigerian Bulk Electricity Trader will work out the modalities for distribution.
“And in this regard, we anxiously await the regulation from the Nigerian Electricity Regulatory Commission to open up the meter supply business.
“Similarly, I am happy to report that following the approval of the Federal Executive Council earlier in the year, the dispute over the meter supply contract that started since 2003 was resolved by a court-approved settlement on Thursday, November 9, 2017.
“This means that there will be N37bn available for meter supply by the contractor to the Discos who want to partner and can reach their independent agreement with the contractor. While we await the regulations by NERC, a lot of preparatory work can be done.
“The minutes of the meeting stated that the problems of right of way for the 11Kv and 33Kv distribution lines within the states was one that the sector must overcome together.
“I have signed letters last week to all 36 state governors and the Federal Capital Territory minister, with copies to each Disco asking them to support you in protecting and recovering the right of way for your distribution lines so that you can serve their states and residents better.”