Nigeria’s electricity regulator has disclosed that three neighbouring countries, Togo, Niger and Benin, are indebted to Nigeria to the tune of $17.8 million, equivalent to more than N25 billion at prevailing exchange rates, for power supplied under bilateral electricity agreements.

The Nigerian Electricity Regulatory Commission, NERC, made this known in its Third Quarter 2025 report, which reviewed market performance within the Nigerian Electricity Supply Industry, NESI.

According to the report, the international customers were billed a total of $18.69 million by the Market Operator for electricity supplied during the third quarter of 2025. However, only $7.125 million was paid, leaving an unpaid balance of $11.56 million for the period under review.

NERC also revealed that the same international offtakers had outstanding legacy debts amounting to $14.7 million from previous quarters. Of this amount, $7.84 million was settled, leaving a residual balance of $6.23 million.

When combined with the Q3 2025 shortfall, the total outstanding debt stood at $17.8 million, which translates to about N25.36 billion at an exchange rate of N1,425 to one US dollar.

The regulator identified the international electricity customers as Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of Benin Republic, and Société Nigérienne d’Électricité of Niger Republic.

NERC stated that the three utilities collectively paid just $7.125 million against the $18.69 million invoice issued for electricity supplied in the third quarter, resulting in a remittance performance of 38.09 per cent.

This meant that more than half of the billed amount remained unpaid at the close of the quarter.

The commission explained that the electricity exported to the three countries was generated by grid-connected Nigerian generation companies and delivered through cross-border bilateral power supply arrangements.

By contrast, NERC reported a stronger payment performance among domestic bilateral customers. According to the report, local customers paid N3.19 billion out of the N3.64 billion invoiced for the same quarter, representing a remittance rate of 87.61 per cent.

The regulator further noted that some bilateral customers, both international and domestic, made additional payments to offset outstanding invoices from earlier quarters.

Specifically, the Market Operator received $7.84 million from international customers and N1.3 billion from domestic customers in settlement of previous obligations.

Beyond bilateral transactions, NERC disclosed that Nigeria’s 11 electricity distribution companies remitted a total of N381.29 billion to the Nigerian Bulk Electricity Trading Plc and the Market Operator in the third quarter of 2025. This was out of a cumulative invoice of N400.48 billion, translating to an overall remittance performance of 95.21 per cent.

The commission said the figures were derived from reconciled market settlement data submitted as of December 18, 2025, as part of its statutory evaluation of the commercial health and performance of the electricity market.