13 November 2017
The President Muhammadu Buhari-led government started off telling Nigerians revenue has dropped but has gone on to make huge money recoveries over the past two years; the most recent being the recovery of as much as $65m electricity debt owed by Niger and Benin Republics.
This milestone marked a significant progress in Nigeria’s attempt to recover millions of dollars owed her electricity industry by two of her West African neighbours, Benin and Niger Republics, for electricity supplied to them, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has disclosed.
Fashola stated on Monday at the 21st edition of the monthly power sector operators in Asaba that the Nigerian Bulk Electricity Trading Plc. (NBET) has recovered $64.6 million out of about $115.91 million owed operators in the country’s power market by both countries.
He noted that disbursements of the recovered funds to beneficiaries by NBET would commence shortly, adding that eligible beneficiaries would be paid their monies.
“To those of you businessmen, I have good news for you. We have recovered payments from power that we sold to Benin and Niger Republics. People wonder why we sell power to them but it is a product of treaties and agreements and they also help our own economy.
“So, we have a total of $64.630,055.00 that had been recovered, and NBET will work out the modalities for its distribution and hopefully by next month you should be able to report that you have received alert,” said Fashola, in his opening remarks at the meeting.