Togo, Niger, and Benin owe Nigeria a combined $17.8 million, equivalent to more than ₦25.36 billion at current exchange rates, the Nigerian Electricity Regulatory Commission (NERC) has disclosed.
In its Third Quarter 2025 report, the regulator revealed that the three neighbouring countries were invoiced $18.69m for electricity supplied during the period. However, they remitted only $7.125m, leaving an unpaid balance of $11.56m.
According to the report, the international bilateral customers also had outstanding legacy invoices totalling $14.7m. Of this, they paid $7.84m, leaving $6.23m unpaid.
The combined debt from previous quarters and Q3 2025 amounts to $17.8m, which translates to about ₦25.36bn using an exchange rate of ₦1,425 to $1.
NERC identified the three international offtakers as:
Compagnie Énergie Électrique du Togo (Togo),
Société Béninoise d’Énergie Électrique (Benin),
Société Nigérienne d’Électricité (Niger).
The regulator noted that payments from the three neighbouring customers represented a 38.09 per cent remittance performance for Q3 2025.
“The three international bilateral customers being supplied by GenCos in the NESI made a payment of $7.12m against the cumulative invoice of $18.69m issued by the Market Operator for services rendered in 2025/Q3, translating to a remittance performance of 38.09 per cent,” NERC stated.
The electricity supplied to the trio of West African states was generated by grid‑connected Nigerian generation companies and delivered through bilateral cross‑border power arrangements.
In contrast, domestic bilateral customers fared significantly better, remitting ₦3.19bn out of the ₦3.64bn invoiced to them for Q3 2025, representing an 87.61 per cent remittance performance.
“The domestic bilateral customers made a cumulative payment of ₦3.19bn against the invoice of ₦3.64bn issued to them by the Market Operator for services rendered in 2025/Q3, translating to 87.61 per cent remittance performance,” the commission said.
NERC also noted that some bilateral customers paid for electricity purchased in previous quarters, contributing to improved cash flows. The Market Operator received $7.84m from international customers and ₦1.3bn from domestic counterparts in back payments, the report added.
The commission further disclosed that Nigeria’s 11 electricity distribution companies (DisCos) remitted a total of ₦381.29bn to the Nigerian Bulk Electricity Trading Plc (NBET) and the Market Operator in Q3 2025. This was out of a combined invoice of ₦400.48bn, translating to a 95.21 per cent remittance performance.
NERC said these figures were based on reconciled market settlements submitted to the commission as of December 18, 2025, compiled as part of its statutory assessment of the commercial performance of the electricity market.