Fashola

The Federal Government of Nigeria has recovered a total sum of $64.6 million out of about $115.91 million owed operators in the electricity industry from two of her West African neighbours namely the republics of Niger and Benin.

Minister of Power, Works and Housing, Babatunde Fashola made the disclosure on Monday at the 21st edition of the monthly power sector operators seminar in Asaba, Delta State.

He said the Nigerian Bulk Electricity Trading Plc. (NBET) recovered the monies on behalf of the Federal Government and noted that disbursements of the recovered funds to beneficiaries by NBET would commence shortly.

Fashola said: “To those of you businessmen, I have good news for you. We have recovered payments from power that we sold to Benin and Niger Republics. People wonder why we sell power to them but it is a product of treaties and agreements and they also help our own economy.

“So we have a total of $64,530,055.00 that had been recovered, and NBET will work out the modalities for its distribution and hopefully by next month you should be able to report that you have received alert,” he added.