Electricity: FG gets $10m pay from international consumers
Following recent threats by Nigeria to disconnect international customers should they fail to redeem over $10.1 million service debt, Benin Republic and Niger Republic have now redeemed their outstanding indebtedness.
While Republic of Niger paid $3.79 million, the Community Electric du Benin (CEB), an international electricity firm co-owned by the governments of Bénin and Togo, paid $6.32 million.
Discos have consistently complained of paucity of funds to run their operations, a situation that has constrained expansion and fresh facility upgrade. It was on the basis of such complaints that the Federal Government, on May 10, 2018, provided N72 billion financial lifeline to the Discos.
The government has 40 per cent shareholding while the core investors of the Discos maintain 60 per cent shareholding. The Transmission Company of Nigeria (TCN) would be the source of the facility as well as its manager.
Published in The Sun, 27th August, 2018