Nigerian Electricity Regulatory Commission (NERC) has disclosed that international customers failed to settle a $5.79 million electricity bill for the second quarter (Q2) of 2024, a huge drop from the $14.19 million owed for the first quarter of 2024.

The debt amounts to N9.41 billion when converted using the official exchange rate of N1,626.32/$ as of October 10.

According to the NERC’s first quarter report, none of the four international customers, which include neighbouring countries like Benin Republic, Niger, and Togo, made any payments for the electricity exported to them.

But in its latest quarterly report, the agency said market operators (MO) issued an invoice of $15.60 million to four firms in three countries. Out of the aforementioned value, the electricity regulator said only $9.81 million was paid.

The firms are Paras-SBEE and Transcorp-SBEE both from Benin Republic; Mainstream-NIGELEC from Niger; and Odukpani-CEET from Togo. Under an international treaty, Nigeria sells electricity to neighbouring countries.

The report states: “In 2024/Q2, the four international bilateral customers serviced by the MO made a cumulative payment of $9.81 million against the $15.60 million invoice issued to them by the MO for services rendered in 2024/Q2.

“Similarly, the domestic bilateral customers made a cumulative payment of ₦1,295.90 million against the cumulative invoice of ₦1,991.30 million issued to them by the MO for services rendered in 2024/Q2.”

NERC said some bilateral customers (domestic and international customers) made payments in Q2 2024 for outstanding MO invoices from previous quarters.

“Cumulatively, the international bilateral customers paid a total of $16.65 million; Transcorp-SBEE and Mainstream-NIGELEC have made payments towards all outstanding invoices from previous quarters,” the commission added.