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The House of Representatives Public Accounts Committee has approved a N248.6 billion debt relief and restructuring package for Kano, Jos and Ikeja Electricity Distribution Companies (DisCos), as the total liabilities of power distribution firms climbed to N1.3 trillion.
The committee’s decision followed the adoption of a report by its technical subcommittee, which reviewed findings from the 2021 Auditor-General for the Federation’s report on the growing indebtedness of electricity distribution companies to the Nigeria Bulk Electricity Trading Company Plc (NBET).
The approved relief framework includes the restructuring of historical debts amounting to N120.06 billion over a period of up to 10 years, as well as the waiver of…