Nigerian Bulk Electricity Trading Plc (NBET) on Sunday disclosed that it has paid power generation companies (GenCos) N39 billion for power generated in January.
NBET said at the weekend that the GenCos would be paid another N9 billion from the Power Sector Reform Programme soon.
The company noted that the amount was paid despite the electricity distribution companies (DisCos) remitting only 51 percent of their invoice during the same period.
“NBET paid N39 billion to GENCOs in first tranche of payments towards the settlement of January 2022 Payment Cycle. DisCos performance for same period is 51 per cent.
” Another N9 billion from the PRSP has been approved and processed by NBET as further payments to the GenCos”, it added.
The latest payment brings to over N80 billion paid to the GenCos in the last two months. NBET said it expects the GenCos to also make similar payments to the gas suppliers.
The GenCos had in the past two weeks blamed their inability to generate more power to the grid on the indebtedness of NBET to them.