The Nigerian Bulk Electricity Trading Company (NBET) Plc successfully managed and administered the federal government’s over N1.3 trillion payment assurance facility (PAF) in the country.
The first tranche was N701.9 billion as well as another N600 billion payment assurance facility, thereby, remaining a transparent and efficient administrator of the financial flow for grid generated electricity in the country.
The minister of state, power, Dr. Goddy Jedy Agba, who stated this, commended the present administration for working assiduously to improve activities across the power sector value chain.
Meanwhile, electricity distribution companies (DisCos) remitted revenues totaling N91.3 billion to the electricity bulk trader in the second quarter (Q2) of 2021, marking a 22.6 per cent decrease over the N111.81 billion recorded in the first quarter, latest data have shown.
The decline in revenues from 11 DisCos was attributed to poor power supply as well as glitches in the second quarter especially in the month of June.
The presidential power sector working group explained in a note that DisCos’ remittance to NBET is arrived at after deducting taxes, debt repayment to CBN and DisCos’ regulatory operating expenses (OPEX) from the market proceeds.
According to data obtained from NBET, the 11 DisCos remitted N39.55 billion in January 2021 but remittance declined by 6.7 per cent in February to N37.07 billion.
The remittance for March also fell by 5.3 per cent to N35.19 billion. The decline continued in April by 8.5 per cent to N32.44 billion.
Revenue remittances by the utilities also declined by 1.2 per cent in May to N32.05 billion. It fell sharply by 19.6 per cent in June to N26.8 billion.
Continuing, the minister applauded the management and staff of the Nigerian Bulk Electricity Trading (NBET) Plc for their contribution towards the growth of the power sector while charging them not to rest on their oars.