The Nigerian Bulk Electricity Trading Company (NBET) Plc successfully managed and administered federal government’s over N1.3 trillion payment assurance facility (PAF) in the country.
The first tranche was N701.9 billion as well as another N600 billion payment assurance facility, thereby, remaining a transparent and efficient administrator of the financial flow for grid generated electricity in the country.
The minister of state, power, Dr. Goddy Jedy Agba, who stated this, commended the present administration for working assiduously to improve activities across the power sector value chain.
Meanwhile, Electricity Distribution Companies’ (DisCos) remitted revenues totaling N91.3 billion to the electricity bulk trader
in the second quarter (Q2) of 2021, marking a 22.6 per cent decrease over the N111.81 billion recorded in the first quarter, latest data have shown.
The decline in revenues from 11 DisCos was attributed to poor power supply as well as glitches in the second quarter especially in the month of June.
The Presidential Power Sector Working Group explained in a note that DisCos’ remittance to NBET is arrived at after deducting taxes, debt repayment to CBN and DisCos’ regulatory operating expenses (OPEX) from the market proceeds.
According to data obtained from NBET, the 11 DisCos remitted N39.55 billion in January 2021 but remittance declined by 6.7 per cent in February to N37.07 billion.
The remittance for March also fell by 5.3 per cent to N35.19 billion.
The decline continued in April by 8.5 per cent to N32.44 billion. Revenue remittances by the utilities also declined by 1.2 per cent in May to N32.05 billion. It fell sharply by 19.6 per cent in June to N26.8 billion.
Continuing, the minister applauded the management and staff of the Nigerian Bulk Electricity Trading (NBET) Plc for their contribution towards the growth of the power sector while charging them not to rest on their oars.
Jedy-Agba, who was on a scheduled visit to the agency’s head office in Abuja, maintained that NBET’s commitment and dedication to improving electricity supply in the country are quite commendable.
While reiterating the importance of power supply to the country’s development, he noted, “you remain a key player in our industry and regardless of where you are, this administration’s objective is one as the president wants to leave an indelible mark in every sector of the economy. We must work together to achieve this aim because the president and Nigerians will hold us all responsible if we fail.”
In his opening remark, the managing director of NBET, Dr. Nnaemeka Eweluka, reassured the minister of the agency’s readiness to continue to work in synergy with the ministry of Power and other stakeholders to improve their services.
On his part, the general manager, Corporate Services, Abba Aliyu, stated that the staff and management of NBET remain passionate and committed to delivering on their mandate.
According to Aliyu, the agency which the labour force has an average age of twenty-six parades the best brains in the commercial electricity value chain in the country.
It is equally important to note that transparency trumps any other consideration for an agency like NBET that processes about N60 billion electricity invoices monthly with a 100 per cent accuracy rate, he pointed out.
The Nigerian Bulk Electricity Trading (NBET) Plc is the manager and administrator of the Nigerian electricity supply industry (NESI).