FG Sells N81.48bn Worth of Electricity to Togo, Niger, Benin in Two Years

The Federal Government sold electricity worth N81.48 billion to Togo, Niger and Benin Republic in 2018 and 2019, according to the recent report from the Nigerian Electricity Commission.

This was despite most Nigerians living in a total blackout during the period.

The invoices issued to the three neighboring countries showed Togo bought electricity worth N26.03 billion in the two-year period while Togo and Benin imported a combined N55.45 billion worth of electricity from Nigeria on credit.

According to the NERC quarterly report, the three countries did not make any payments in 2019.

“During the quarter under review, the special and international class of customers made no payment to the Nigerian Bulk Electricity Trading Plc and the Market Operator,” NERC said in its fourth-quarter report.

“The Federal Government has continued to engage the governments of neighbouring countries benefitting from the export supply to ensure timely payments for the electricity purchased from Nigeria,” the regulator added.

In a recent World Bank report, the multilateral financial institution said lack of adequate electricity supply stifled Nigeria’s economy productivity with over 100 million people living in poverty.

It said “Lack of reliable power has stifled economic activity and private investment and job creation.

”This is ultimately what is needed to lift 100 million Nigerians out of poverty.”

Therefore, the bank approved $750 million for Nigeria to plug its $28 billion worth of power shortage in June without knowing Nigeria is exporting the large part of its power generation for profit.

“The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID-19 pandemic.”