The Nigerian Electricity Regulatory Commission (NERC) says three international electricity customers—Togo, Benin Republic and Niger Republic—owe Nigeria a total of $17.6 million (over N25 billion) for power supplied under bilateral arrangements.
The disclosure is contained in NERC’s Third Quarter (Q3) 2025 report, which shows that the three countries were invoiced $18.69 million by the Market Operator for electricity supplied during the period but remitted only $7.125 million, leaving an outstanding balance of $11.56 million for the quarter.
In addition, the regulator noted that the international customers paid $7.84 million toward legacy invoices amounting to $14.07 million, leaving an unpaid balance of $6.23 million. This brings the total outstanding debt from previous quarters and Q3 2025 to $17.6 million.
NERC identified the international offtakers as Compagnie Énergie Électrique du Togo (CEET), Société Béninoise d’Énergie Électrique (SBEE) of Benin Republic, and Société Nigérienne d’Électricité (NIGELEC) of Niger Republic.
Electricity supplied to the three countries was generated by grid-connected Nigerian generation companies (GenCos) and delivered through bilateral cross-border power arrangements.
Low remittance performance
According to the commission, the three international bilateral customers made a cumulative payment of $7.125 million against the $18.69 million invoice issued for Q3 2025, translating to a remittance performance of 38.09 per cent.
“The three international bilateral customers being supplied by GenCos in the NESI made a payment of $7.12 million against the cumulative invoice of $18.69 million issued by the Market Operator for services rendered in 2025/Q3, translating to a remittance performance of 38.09 per cent,” NERC stated.
The commission explained that some of the payments received during the quarter were for power supplied in previous quarters.
“It is noteworthy that some bilateral customers also made payments for outstanding Market Operator invoices from previous quarters, as follows: the Market Operator received $7.84 million from international bilateral customers and N1.3 billion from domestic bilateral customers,” the report added.
Domestic customers perform better
In contrast, NERC said domestic bilateral customers recorded stronger payment performance, remitting N3.19 billion out of the N3.64 billion invoiced during the quarter—representing a remittance rate of 87.61 per cent.
“The domestic bilateral customers made a cumulative payment of N3.19 billion against the invoice of N3.64 billion issued to them by the Market Operator for services rendered in 2025/Q3, translating to 87.61 per cent remittance performance,” the commission said.
NERC further disclosed that Nigeria’s 11 electricity distribution companies (DisCos) remitted a combined N381.29 billion to the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator in Q3 2025, out of a total invoice of N400.48 billion. This represents a remittance performance of 95.21 per cent.
The regulator noted that the figures were based on reconciled market settlements submitted to the commission as of December 18, 2025, as part of its statutory assessment of the commercial performance of the Nigerian Electricity Supply Industry (NESI).
Power sector debt bond
In December 2025, the Federal Government issued the first bond under the Presidential Power Sector Debt Reduction Programme, aimed at addressing longstanding payment arrears in the electricity industry.
The N590 billion Series 1 Power Sector Bond was issued by NBET Finance Company Plc, a special purpose vehicle of the Nigerian Bulk Electricity Trading Plc, and is backed by the full faith and credit of the Federal Government, according to the Office of the Special Adviser to the President on Energy.
