Horllyworld ent.

Nigeria’s electricity sector is a crucial part of the West African energy landscape, with international bilateral customers from neighboring countries like Benin Republic and Togo depending on its power supply. However, the latest report from the Nigerian Electricity Regulatory Commission (NERC) sheds light on some troubling financial gaps, particularly in payments for electricity consumed by these countries in the second quarter of 2024. Invoices and Payments – What the Numbers Reveal According to NERC’s Q2 2024 report, Nigeria issued a total invoice of $15.60 million to international customers between April and June 2024. However, only $9.81 million was remitted, leaving a substantial deficit of $5.79 million.  This marks a 62.88% remittance performance, highlighting the challenges Nigeria faces in collecting full payment for electricity supplied abroad. Country-by-Country Breakdown Several foreign companies are responsible for remitting these payments. The report pro...

Post by HORLLYWORLD BLOG  NEWSPeter Obi backs Tinubu govt on electricity tariff hikePublished on April 8, 2024By Ogaga Ariemu The Presidential candidate of the Labour Party, LP, in the 2023 general elections, Peter Obi, has toed the path of President Bola Ahmed Tinubu’s government on a new electricity tariff hike. Obi, on Sunday, said increasing electricity tariff for the rich is best. Recall that the Nigerian Electricity Regulatory Commission approved a tariff increase on Tuesday last week for Band A customers. Spotifypanel Reacting to the development, Obi said that was the solution to Nigeria’s electricity challenges. He stressed that a tariff increase for urban areas that can afford it is understandable. “The solution is very simple (referring to electricity tariff hike), you can increase the tariff for those in areas where they can afford it. “We must do a lot in power generation because it has taken so long. But we have to take into consideration that the majority ...

advertisement Quite sad (but not surprising) that it’s the ‘freezer’ comment that’s totally dominated the headlines from yesterday’s electricity press briefing. There was a lot more that was said, that’s useful to know, as background and basis for conversation and debate. If you want to know what else HM Bayo Adelabu said, I took some notes – the comments below are attributable to him (and to the NERC vice-chair, who also spoke). [The important background to all this is that for now it’s ONLY Band A consumers who are affected by the 3-fold tariff increase rolled out this week. There are 5 tariff bands in all, A to E. Band A are the ones guaranteed a minimum of 20 hours of supply per day] 1. Prior to tariff change, the federal government was subsidising 67% of the total cost of generating, transmitting, and distributing electricity in Nigeria. Nigerian Electricity Regulatory Commission vice-chair added: “If you isolate generation, that 67% figure rises considerably. For exam...