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Fresh report from the office of the National Bureau of Statistics (NBS) has disclosed that out of the N331.02bn worth of invoices issued by the power generation companies to the electricity distribution firms last year, only N88.03bn was settled, meaning that debt profile of Discos has jumped to B243bn.
Otherwise, the outstanding balance that the distribution firms owed the generation companies at N242.97bn.
According to NBS, “The Nigerian Bulk Electricity invoices and payment from the generating companies to the distribution companies and off-takers for 2016 have reflected that an invoice of N30.51bn was issued by the generating companies to the off-takers, while a payment of N2bn and a debit note of N1.12bn for net Gencos imports were made, with a balance N27.3bn recorded at the end of 2016.
“The generating companies issued a total invoice of N331bn to the distribution companies, with the Discos’ share of the total invoice put at N331bn, while payment of N88.03bn was received, with a balance of N242.97bn recorded at the end of the period under review.”
NBS also noted that the N88.03bn payment was received by the generation firms thus: Afam VI, N3.64bn; Alaoji, N3.23bn; Calabar, N1.69bn; Delta, N9.6bn; Egbin, N16bn; Gbarain, N539m; Geregu, N2.7bn; and Geregu National Integrated Power Project, N2.3bn.