The Federal Government on Monday announced that it had recovered 64.6 million dollars electricity debt from its global customers.
"To those of you businessmen, I have good news for you". (NBET) has recovered $64.6 million out of about $115.91 million owed operators in the country's power market by both countries.
The recovery of parts of the electricity debt owed by both countries followed a meeting with the Communauté Électrique du Bénin (CEB), an global electricity firm co-owned by the governments of Bénin and Togo, and NIGELEC of Niger Republic, in which Nigeria requested them to pay up their outstanding debts to her electricity market.
Our correspondent gathered that the letter was written to NIGELEC of the Republic of Niger and Community Electric du Benin of the Republic of Benin.
During the meeting, the federal government had requested that both countries pay their outstanding bills to allow electricity companies keep up with their supply obligation to them.
"While we await the regulations by NERC, a lot of preparatory work can be done", he said.
Nigeria supplies power to both countries under an worldwide treaty through the NBET and Transmission Company of Nigeria (TCN).
He spoke at the 21st Monthly Power Sector Ministerial /Stakeholders meeting in Asaba, Delta State.
Fashola also hinted that the Rural Electrification Agency (REA) had completed the guidelines for the operation of the rural electrification fund, which will help vulnerable groups and communities gain access to funding to support their electricity development programme.
Mr. Fashola said the completion of the substation was expected to improve service by reduction of load shedding and increase power supply to Okwe, Akuebulu, Jarret, Ogbeofu, Osadebe way, Okwe housing estate and Oduke. We remind ourselves that we are not immune from what we do, if we make it work as we intend to do, it will also serve us.
The minster thanked well-meaning Nigerians who acknowledged that their experience on the power supply had improved, adding that their honesty inspired government and the operators to continue the improvement.
"The progress we have made this year is as a result of the hard work that all of us here have put in, it is also due to the fact that we have had peace in the oil and gas producing areas of the country, and that has led to improvements in gas supplies and essentially more output from the gas power stations".
"This is a fair balance and now that the waters are going down, it is also time for us to prove our mettle by stabilising upward the power being generated", he said.