The Nigerian Electricity Regulatory Commission (NERC) has accused the electricity distribution companies (Discos) of deliberately capping their monthly revenue remittances and keeping more money for themselves.
This is coming as President Muhammadu Buhari has rejected the request by NERC to buy brand new Sports Utility Vehicles (SUVs) for its chairman and seven commissioners.
In its first quarter 2018 assessment report on Nigeria’s power market, the regulatory agency stated that the Discos were issued a total invoice of N163.1 billion but they remitted only N51.2 billion of the invoice, leaving a total deficit of N112 billion within the period under review.
NERC explained that there was a noticeable difference between the level of money collected by the Discos for electricity supplied to them and what they paid back to the market every month.
It suggested that even though the remittance levels in the market were still poor, it was not certain that the Discos paid back what was due to the market, threatening that it would initiate enforcement actions against such practices.