The House of Representatives Public Accounts Committee, on Thursday, approved a package of financial reliefs and a 10-year debt restructuring plan totalling N248.64bn for three electricity distribution companies — Kano, Jos and Ikeja — in a bid to ease mounting liabilities and stabilise Nigeria’s fragile power market.
The figure comprises N128.60bn in accrued interest on debts spanning 2015 to 2025 and N120.06bn in historical principal obligations.
The resolution followed the adoption of a report by a technical subcommittee set up to review issues raised in the 2021 report of the Auditor-General for the Federation on the rising indebtedness of electricity distribution companies to…