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FG approves payment of N25.9 billion debt owed DisCos

The payment of N25.9 billion of the estimated N67.41 billion debt owed to Electricity Distribution Companies, DisCos by ministries, departments, and agencies, MDAs has been approved by the Federal Executive Council.
This was disclosed to statehouse reporters by the Minister of Power, Works and Housing, Babatunde Fashola, after the Federal Executive Council, FEC, meeting chaired by President Muhammadu Buhari at the presidential villa, Wednesday.
“We have concluded the verification and we now asked the council to approve the verified sum of N25.994 billion owed by MDAs of the federal government to be paid to the DisCos out of the claims of N67.41 billion,
“So, there is a differential of about N41 billion. That differential arises first because some of the claims do not belong to the federal government.
“Some are owed by states and local governments. Also, some belong to public international organisations and were classified as government debts,” Mr. Fashola said.
The minister also argued that distribution companies equally owe the federal government about N500 billion from unremitted funds for energy and it was agreed that the government would only pay verified sums from its coffers ”after the verification exercise was completed.”

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