The Nigerian Electricity Regulatory Commission has said the 11 power distribution companies operating in the country failed to remit N 119 .88 bn in the first quarter of the year .
In its report for the first quarter, the power sector regulator said the DisCos did not make the required remittances to stipulated agencies in the industry .
It stated that whereas three DisCos fully met the expected minimum remittance thresholds to MOs, none of the 11 DisCos fully met the MRTs to NBET .
The NERC stated that the average aggregate remittance performances to MO and NBET were 93.09 per cent and 27 . 96 per cent respectively .
The commission further observed that the financial viability and commercial performance of the industry continued to be a major challenge with a decline in the first quarter of 2020 .