Saturday, December 7, 2019
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Federal Government to Settle Electricity Distribution Companies in Nigeria

The Nigerian Government has approved the sum of twenty five point Nine Nine billion naira for the settlement of debt owed electricity distribution companies in Nigeria.

The cost covers electricity consumed by federal Government ministries, Departments and Agencies.

Minister of Power, Works and  Housing BabaTunde Fashola told reporters after the weekly Federal Executive council meeting at the Presidential villa that the federal government verified over twenty five billion naira against the sixty one billion naira claims made by the distribution companies.

He said  verification of the claims by the DISCOS is still ongoing as State and local governments are equally expected to share in the debt burden.

Fashola explained that the approval has become imperative as according to him Payment of debts is a major component of the power sector recovery plan.

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