Nigeria's Federal Government has recovered $64.6 million electricity debt from its worldwide customers including Benin and Niger Republic.
The minister added that the Nigerian Bulk Electricity Trader (NBET) would work out modalities for distribution of the recovered fund to stakeholders in the power sector value chain.
"To those of you businessmen, I have good news for you". So we have a total of $64,630,055 that has been recovered.
The recovery of parts of the electricity debt owed by both countries followed a meeting with the Communauté Électrique du Bénin (CEB), an worldwide electricity firm co-owned by the governments of Bénin and Togo, and NIGELEC of Niger Republic, in which Nigeria requested them to pay up their outstanding debts to her electricity market.
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The payment is the result of a meeting between Nigeria and Communauté Électrique du Bénin (CEB), an worldwide electricity firm co-owned by the governments of Bénin and Togo, and NIGELEC of Niger Republic.
On further measures to improve power supply in the coverage areas of the Benin DisCos, Fashola said Asaba - Benin 330KV line was energized to service on November 3. "While we await the regulations by NERC, a lot of preparatory work can be done". Under an global treaty, Nigeria supplies power to the two countries through the NBET and Transmission Company of Nigeria (TCN).
The Minster of Power, Works and Housing, Babatunde Fashola announced this at the 21st monthly power sector meeting in Asaba.
On rural electricity agency aimed at improving power in core rural areas, the minister said guidelines have been completed while the Mambila Plateau electricity project, which has been on the drawing board for over 40 years, has being signed to commence activity.
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Fashola said power experience in the country is improving even though critics are reluctant to admit it.
"Our work is not driven by a quest for acknowledgment, it is driven by our belief in our own collective abilities to change what we do not accept".
"Minute by minute, hour by hour, day by day, week by week and month by month we have not only gained momentum, we are seeing progress that inspires us to continue, because the power problem can be successfully managed by Nigerians".
"We thank well-meaning Nigerians who are gracious to acknowledge that their experience has improved and who ask us to do more".
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"This is a fair balance and now that the waters are going down, it is also time for us to prove our mettle by stabilising upward the power being generated", he said. "I know that the capacity we have will be enough to pull us through to the next rainy season".