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NBET disburses $46.64m to power producers from foreign buyers

The Nigerian Bulk Electricity Trading Plc (NBET) has received and commenced the disbursement of a total of $46.64m (N14.3bn at N307 to one dollar) international customers’ payment to power generation companies across the country, The Punch reports.

It was gathered in Abuja on Wednesday that NBET received $16.06m from Nigeria’s electricity Market Operator last week, in addition to the earlier sum of $30.58m it got from the MO. The NBET, in the latest summary of power distribution and generation companies’ invoices and payments, stated that it had already submitted the schedule for the payment of the Gencos to the Central Bank of Nigeria for disbursement to the power producers.

The electricity bulk trader stated that it had asked the Gencos to issue invoices for the disbursement of the fund. It would be recalled that the Federal Government had recently recovered $64.63m electricity debt from the Republics of Benin and Niger. The Minister of Power, Works and Housing, Babatunde Fashola, had directed NBET to work out the modalities for the distribution of the money to the power producing firms in Nigeria.

The post Nbet Disburses $46.64m to power producers from foreign buyers appeared first on Energy News | Oil and Gas News.



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