ABUJA, Nigeria — Nigeria’s role as the “power hub” of West Africa is facing a severe financial strain.4 According to NERC’s Q3 2025 report, international customers paid only 38.09% of the electricity bills invoiced to them during the quarter, leaving a massive unpaid balance that threatens the liquidity of Nigerian Generation Companies (GenCos).
The Debt Breakdown
The total debt of N25.36 billion (calculated at a prevailing exchange rate of N1,425/$) is a combination of fresh invoices from the third quarter of 2025 and “legacy debts” carried over from previous years.5
| Customer Category | Invoiced (Q3 2025) | Paid (Q3 2025) | Remittance Rate |
| International (Bilateral) | $18.69 Million | $7.12 Million | 38.09% |
| Domestic (Bilateral) | N3.64 Billion | N3.19 Billion | 87.61% |
The Debtors:
- CEET (Compagnie Énergie Électrique du Togo)6
- SBEE (Société Béninoise d’Énergie Électrique) of Benin7
- NIGELEC (Société Nigérienne d’Électricité) of Niger Republic8
Domestic vs. International Performance
The report highlights a stark contrast in payment discipline. While local Nigerian bilateral customers (industrial users) settled nearly 88% of their bills, international neighbors failed to meet even half of their obligations.9
Additionally, NERC flagged Ajaokuta Steel Company Limited as a “special customer” that continues a long-standing trend of non-payment, failing to remit a single kobo toward its N1.03 billion invoice for the quarter.10
Fiscal Pressure & The N100 Trillion Goal
This rising regional debt is creating a “liquidity crunch” for Nigerian power firms.11
- Operational Strain: GenCos rely on these payments to maintain equipment and purchase gas.12
- National Policy: With President Tinubu pushing for a N100 trillion market cap, the government is under pressure to eliminate “leaks” in revenue.
- Diplomatic Channels: NERC has officially communicated the need for “government intervention” to recover these funds, suggesting that diplomatic pressure or supply cuts may be the next steps if the debt remains unpaid.13
