The Nigerian Bulk Electricity Trading Plc, which disclosed this noted that the fund, an N701.9 billion Payment Assurance Facility (PAF) and another N600 billion was implemented from 2017 to 2020.
NBET disclosed in Abuja, that the development leapfrogged electricity generation capacity by 6500MW, pushing capacity to 7659MW.
While the company named EKO Electricity Distribution Company (EKEDC) as the highest remitter in the June 2021 Electricity Market Payment received for grid distributed electricity in the Nigerian Power Sector, the agency’s Head of Corporate Communications Henrietta Ighomrore said ensuring efficient transactions in the sector remained sacrosanct.
While the Nigerian Electricity Regulatory Commission (NERC) had set a Minimum Remittance Order for the utility companies, NBET said none of the DisCos met the order 100 per cent.
The agency however noted that EKEDC came close with a 93.4 per cent remittance of its threshold, insisting that strategies and initiatives are being deployed to enhance the market liquidity in the sector through improved payments to the generation companies.
Challenges relating to capacity, especially the shortage of gas and the inability of some GENCOS to meet their immediate obligations, had led to the implementation of the N701.9 Billion Payment Assurance Facility (PAF). The fund was disbursed from January 2017 till December 2018.
The N701.9 billion PAF was later followed with another N600 billion facility for 2019/2020, and later metamorphosed into the Power Sector Reform programme
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