FG approves N25.99 billion debt payment to Discos

The Federal Executive Council (FEC) has approved the settlement of N25.99 billion debt owed power Distribution Companies (Discos) by the Federal Government.

The Minister of Work, Power and Housing, Babatunde Fashola made this disclosure while briefing State House correspondences at the end of FEC presided over by President Muhammadu Buhari.
According to him, “the amount, which has been verified was owed by the Federal Government’s Ministries, Departments and Agencies (MDAs).”
He also disclosed that the verification of the amount owed by States and Local governments was still ongoing.
Fashola had recently denied boasting that he could fix challenges in Nigeria’s power sector in six months.
His words: ​“I remember where I made that statement, I did not say the words they said I said​. ​
“I was responding to residents who, after we commissioned a power plant in Lekki to serve the water works and street lights in Lekki and Victoria Island, asked me when they can get powers in their homes​.

“And my answer to them was that we would be encroaching the jurisdiction of the Disco without permit from NERC and that if NERC gave us the permission to provide power for them, the plant was there, connecting to them was a matter of six months.”