The House of Representatives Public Accounts Committee has approved a N248.6 billion financial relief and 10-year debt restructuring framework for the Kano, Jos and Ikeja Electricity Distribution Companies (DisCos) as part of efforts to stabilise Nigeria’s power sector.
The resolution followed the adoption of a technical subcommittee report reviewing the 2021 Auditor-General for the Federation’s findings on the growing indebtedness of electricity distribution companies to the Nigeria Bulk Electricity Trading Company (NBET).
Chairman of the subcommittee, Mark Chidi Obetta, said the intervention targets legacy debts and accrued interest weighing down the affected DisCos.
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The approved relief covers N128.6 billion in accrued…