The Nigeria Bulk Electricity Trading Plc (NBET) has budgeted N139 billion, 98% of its 2021 budget, to pay Generation Companies (GenCos).
Platforms Africa, , which gathered this exclusively from the 2021 budget of NBET, added that efforts are on to make the recent audited accounts of the bulk trader public.
READ ALSO: BREAKING: Nigeria’s Electricity Market debts to Egbin Power hit N388bn
How Oil firms burnt $787.7m worth of Nigerian gas, polluted air in 7 months
Power market’s debts profile to NDPHC hits N190bn
EXCLUSIVE: How Nigeria’s Grid collapse, Blackout lasted for 6hrs 53min
“The total budget of NBET this year is N142 billion. Out of this, N139 billion is for paying generation companies. This is because the cumulative cost is yet to be recouped,” the financial document showed.
“Being the 98% of the budget, this N139 billion is to manage the gap between what the DisCos are paying and what the GenCos are invoicing,” the document, exclusively obtained by Platforms Africa, read.
READ ALSO: General Manager NNPC Shipping, Inuwa Waya, retires, mulls Kano Governorship
Platforms Africa demands fair polls as Ghana conducts Make or Mar election
Shell $2.3bn Assets’ Sale in Nigeria suffers Setback
Showing the financial diligence of the Dr. Nnaemeka Ewelukwa-led company, the document added that the recent audited account, as at last year when Ewelukwa was appointed, was that of 2013. In the last one year, the NBET has completed 2014 to 2016, worked on 2017 and 2019 while works on 2020 and 2021 audited account are to be handled by one of the biggest four audit firms.”
