Nigeria is known for its huge debt profile, yet two other countries are owning the oil-rich nation.
The owed amount is a total of $5.79 million and it is for electricity consumed in Q2 2024.
Benin Republic and Togo are the debtors, according to the Nigerian Electricity Regulatory Commission (NERC).
Despite some payments, Nigeria received only 62.88% of the $15.60 million billed, leaving it facing cross-border energy trade challenges.
In the second quarter of 2024, Nigeria is once again facing a significant unpaid electricity bill from its West African neighbours, Benin Republic and Togo.
According to NERC, these two countries currently owe a combined $5.79 million for power consumed during this period.
Furthermore, the NERC report reveals that Benin and Togo did pay a total of $9.81 million between April and June. This amounts to only 62.88% of the $15.60 million invoiced by Nigeria.
The companies responsible for these payments include Para-SBEE and Transcorp-SBEE in Benin Republic, as well as Mainstream-NIGELEC and Odukpani-CEET in Togo.
Notably, while Transcorp-SBEE paid its $4.25 million bill in full, and Para-SBEE settled 71% of its $4.29 million charge, the situation was different in Togo.
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Specifically, Mainstream-NIGELEC paid about 70% of its $3.59 million invoice, but Odukpani-CEET made no payment at all.
However, this marks an improvement compared to the first quarter of 2024, when none of the four international customers paid their $14.19 million debt.
Nevertheless, the unpaid balance continues to strain Nigeria’s energy trade relations with its neighbors.
Meanwhile, domestically, Nigerian customers paid ₦1.30 billion in the second quarter, about 65.07% of the ₦1.99 billion invoiced to them.
Additionally, the federal government’s subsidy obligations dropped from ₦633.30 billion in the first quarter to ₦380.06 billion, thanks to tariff adjustments for higher-band customers.
Overall, while some progress has occurred, the ongoing shortfall in payments continues to challenge Nigeria’s electricity sector.
