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Tag: distribution companies (DisCos)

  • TCN: DisCos must recapitalise

    The Transmission Company of Nigeria (TCN) yesterday said all the electricity Distribution Companies (DisCos) must recapitalise so as to raise funds to expand their dsitribution infrastructure across the country.

    The TCN blamed the conspiracy to reject 40 per cent of the load allocation to the DisCos on the lack of requisite infrastructure to accomoodated the load.

    Its Assistant General Manager, Transmission, Abuja sub-Station, Engr. Suleman Mahmud, told reporters that the DisCos have adopted a common practice known as ‘load management’ with which they reject 40 per cent of the load that is wheeled to them for distribution to their customers.

    He urged the Federal Government to make a policy that will force the DisCos to recapitalise.

    He said: “That is why we are calling on government (Federal Ministry of Power) to make a policy directive that will lead to the recapitalisation of the DisCos. We are also calling of NERC to also make a regulation that will lead to the recapitalisation of the DisCos.”

    He complained that no matter the amount of investment that TCN put into transmission expansion,  it cannot achieve the desired result.

    Mohammed said because there is a symbiosis relationship in the market, the non-performance of any of the chain affects the performance of the other ends.

    He submitted said the DisCos are neither generating the expected revenue nor carrying out the required investments.

    He said: “That is why we need the massive investment on the side of the DisCos…  The electricity industry is a connected business. If the GenCos do not perform it will effect TCN. If the DisCos do not perform, it will also affect the TCN and the GenCos. So this is the problem.

    “Apart from the fact that we are not getting the required revenue that the DisCos are supposed to to be bringing to the market, also we are not even get getting the required investment on their side so that we can have seamless relationship.”

    On tariff hike, he said it will not solve the problem in the industry.

  • TCN insists on DisCos recapitalization

    ..as load rejection hits 40 percent

     

    The Transmission Company of Nigeria (TCN) Monday alleged that all the electricity Distribution Companies (DisCos) have adopted a common practice known as load management with which they reject 40% of the load that is wheeled to them for distribution to their customers.

    Commenting specifically on the attitude of the Abuja Electricity Distribution Company (AEDC) towards the load that the TCN allocates to it, the Assistant General Manager, Transmission, Abuja Sub-station, Engr. Suleman Mahmud, told journalists in the Apo sub-station, Abuja that it is only about 60% of the load allocation that the AEDC accepts for onward supply to the consumers in its franchise area.

    The management of the TCN fulfilled its promise of taking the reporters on a tour to see the stranded power in the AEDC franchise area by touring on the facilities in Karu and Apo sub-stations in Abuja.

    Asked why the TCN is not supplying the rejected load to other DisCos, he explained that it has become a joint decision of the collective DisCos to reject the load. He said that “most of them have the same practice that they adopt.”

    Read Also: ‘TCN has achieved grid stability’

    He earlier noted that: “If we have 100 per cent to give and somebody (DisCo) is taking 40 per cent, rejecting 40 per cent. As I mentioned earlier that the maximum load they picked one day was 35mw. So we are at the mercy of AEDC. That is the truth.”

    Mahmud, however, attributed the practice of the company to the poor network of the Discos, which he said, is deterring Nigerians from benefiting from government investment in the expansion of transmission network.

    Meanwhile, the AEDC, Head, Corporate Communications, Mr. Oyebode Fadipe, who was called to state his company’s side of the story did not receive his call.

    He replied the message that was sent to him, saying; “Apology for not taking your call. I am in a training at the moment. I will make some enquiring.”

    The load rejection, according to the TCN Managing Director, Mr. Usman Gur Mohammed has led to the loss of five: which includes two in Benin, two in Abuja and one in Onitsha.

    He urged the Federal Government to make a policy that will force the DisCos to recapitalize.

    His words: “That is why we are calling on government (Federal Ministry of Power) to make a policy directive that will lead to the recapitalization of the DisCos. We are also calling of NERC to also make a regulation that will lead to the recapitalization of the DisCos.”

    He complained that no matter the amount of investment that TCN put into transmission expansion, it cannot achieve the desired result.

    Mohammed revealed that because there is a symbiosis relationship in the market, the non-performance of any of the chain affects the performance of the other ends.

    He submitted that the distribution companies are neither generating the expected revenue nor are they carrying out the required investments.

    The TCN boss said that “That is why we need the massive investment on the side of the DisCos…  The electricity industry is a connected business. If the GenCos do not perform, it will affect TCN. If the DisCos do not perform, it will also affect the TCN and the GenCos. So this is the problem.

    “Apart from the fact that we are not getting the required revenue that the DisCos are supposed to be bringing to the market, also we are not even get getting the required investment on their side so that we can have seamless relationship.”

    Asked whether he would help recommend that the Nigerian Electricity Regulatory Commission approve a higher tariff for the DisCos for them to boost their investment, Mohammed said that an upward review of the tariff will not solve the problem.

    According to him, there is a higher distribution loss because the DisCos lack the capacity to collect the charges at even the prevailing tariff.

    He said that “I don’t believe in the argument that only tariff is the problem because capacity is also an issue and there are so many other issues. Even the current tariff if they can collect 100%, I am telling you, we cannot be where we are.”

  • DisCos’ electricity purchase rate exceeds 105 percent

    The rate at which the electricity Distribution Companies (DisCos) buy power has increased to about 105% since 2015, but the rate at which the investors sell has remained at 16% for the same period.

    The Managing Director, Abuja Electricity Distribution Company (AEDC), Engr. Ernest Mupwaya disclosed this to journalists Wednesday during the flag-off of the installation of 222,728 meters in Abuja.

    Read Also:Fed Govt okays TCN to oversee N72b investment in DisCos

    He noted that there is a huge gap of loss in the electricity market that even 100% collection of revenue cannot fill as a result of the differential between buying and selling rates.

    His words: “the rate at with we are buying energy is not very transparent to the public. But I can tell you that if you look at the period from 2015 to date, the price at which we are buying it has increased beyond 100%. In fact 105% is where it is. But there has not been a corresponding increase downstream.

    “For the same period the increase has been 16%. So, that differential builds in a loss. That is another form of a loss which is constraining the sector’s liquidity because everybody has to rely on what we are collecting. If the price at which you are buying is very high, even if you are collecting 100% there is still a gap.”

    The AEDC, according to him, has commenced the distribution of transformers meters to checkmate electricity theft, vandalism and surveillance on the network.

    With the meters, he said that the company will be able to compare how much energy has been supplied to a number of customers in an area and how much energy they receive through their meters.

    He pointed out that whenever there is a gap in the sale, it gives an intelligent information of energy leakages which could ordinarily go undetected.

    The Managing Director added that “some people can be so creative that they will dig underground and put a cable not to be seen and put it on high load and they are not passing the meter.

    “The meters we are installing right now, even at a distance of 100 meters, they can interrogate the meter. At night they can switch off momentarily the supply, if they see that the light are still on, they will know that there is a cable which is not passed through the meter. Those are the measures we have out in place to safeguard the investments.”

    All the Ministries, Departments and Agencies (MDAs) electricity debts have been centralized in the Ministry of Power Works and Housing, according the Minister, Babatunde Fashola.

    The Director of Distribution of the Ministry, Basilla Sapke, who represented him at the ceremony, said that issue of MDAs has become a recurring decimal.

    She disclosed that the Federal Government has centralized the debts in the ministry in order to stop it from reflecting in future.

    The minister said that “only yesterday (Wednesday), the minister convened a meeting with a security agent, which is one of the of areas that the distribution companies find it difficult to collect money.

    “And we discussed with them the need for metering also payment. Because one of the security outfits said even if they are metered they don’t want to be disconnected on credit.  But we are trying to put a mechanism in place such that that will be a thing of the past.

    “If Abuja DisCo will recall we put in place a mechanism to make sure that all MDAs payments are centralized in Federal Ministry of a power and housing. We are trying to include MDAs so that the issue of MDAs debt will not be reflecting going forward.”

    Fashola encouraged the distribution companies to access the N39billion loan that is available for them to meter their customers.

    He added that “from next year there will be private financing coming into the sector,” for the DisCos to double their metering space.

    The minister warned against meter bypass and electricity theft, stressing the elites are also involved in the nefarious act. He however advised the customers to report any issues with their meters to the Nigeria Electricity Regulatory Commission (NERC).

    In order to reflect local content, he urged the DisCo to ensure that the 70 electrical engineers that are to install the meters are Nigerians.

    Meanwhile, the Central Bank of Nigeria (CBN) representative at the event, Elder Ben Eboh, said that the power sector needs $10billion for infrastructure annually; the bank is working hard to bridge the gap in the sector.

    He said that owing to the CBN intervention, the DisCos have acquired and distributed 704,000 meters.

    The Chairman, NERC, Prof. James Momoh, noted that the commission has initiated the Credit Advance Payment Metering Implementation (CAPMI) and Metering Asset Provider (MAP) regulation as a result of the liquidity issues with the metering.

    Represented by Mr. Shaibu Shittu, who extolled the efforts of the AEDC at metering, the chairman pointed out that the company has overshot its metering expectation.

  • TCN to DisCos: Copy stable network from Togo, Benin

    The Transmission Company of Nigeria (TCN) has asked Nigerians and the electricity distribution companies (DisCos) to take a cue of stable power network from the Republic of Benin and Togo that get 80% of their power supply from the Nigeria.

    Citing how a stable network should be, its Managing Director, Mohammed Gur Usman, said that “the reality is that we need investments in the DisCos. We need to change the distribution network. Some of you may not know. Any of you who has the opportunity of entering Republic of Benin, 80% of the electricity that is consumed in Benin and Togo is coming from Nigeria. ”

    Read Also:Fashola to DisCos: Deliver power or quit

    The Chief Executive Officer, who addressed reporters Monday night in Abuja, said “Go to Benin, you will have a stable power, but why is there no stable power in Nigeria?  Why is it that they have stable power and we don’t have, it is because our distribution network is weak. Go to Togo or just Benin here, and see how a distribution network is supposed to be.”

    He urged Nigerians to pray for investments in the DisCos for them to have stable power supply.

    He revealed that the TCN is working through its functional planning system with several DisCos to build their distribution models for them.

    According to him, the TCN redefined the issue of load rejection since April 2017 when it started referring to the situation as load unutilized.

    He explained that rejection presupposes deliberate intention not to take load but in some cases the unutilised load is not intentional.

    Continuing, he noted that “the DisCos have no capacity , investments have not entered the DisCos,” stressing that the at TCN has upgraded and boosted capacity in several cities such as Apo, Suleja, Keffi, Katampe, but “how many of the injection substations have the DisCos built”, he asked.

    Owing to lack of distribution injection substations, some of the distribution lines are connected directly to TCN transformers, an anomaly, which he claimed to have burnt two transformers in Abuja recently.

    The TCN boss said that “That is why we are begging to the government and whoever wishes to listen to us that investments need to enter the distribution companies…we are actually working with the government to see that the last mile which is now the weakest link in the power value chain, which is distribution, investments enter into that sector.”

    He noted that although the federal government had not shown interest in investing in the distribution, the Ministry of Power recently approved N72billion investment in the DisCos.

    He however noted that in order to improve power stability from the distribution value chain, the Federal Government has mandated the TCN to manage its N72billion investments in the DisCos.

    He noted that as at last week the company recovered 693 containers of transmission equipment out of 800 containers from the port with the support of President Muhammed Buhari and the  Minister of Power Works and Housing, Babatunde Fashola.

    His words: “We have been able to recover 693 containers out of the 800 containers that had been at the port. Some of them have been there for 15 years. Some of them have been auctioned. We have to follow the auctioneers to get it.”

    He disclosed that the TCN has secured €25million from the European Union for the implementation of projects.

    Usman revealed that because the TCN is underfunded the company made a case for extraordinary tariff review presented a case of tariff review to the Nigeria Electricity Regulatory Commission (NERC).

    The commission, he said, has responded that it would commission a regulatory asset consultant to review TCN asset for a cost reflective tariff.

    He noted that the TCN biggest problem is that of liquidity, which it is waiting for the government to also solve.

    The Managing Director disclosed that the company has commenced the procurement process for 300mw spinning reserves.

  • 22 firms receive NERC no objection for meter procurement 

    The Nigeria Electricity Regulatory Commission (NERC) Wednesday said that it has granted “No Objection” to 22 companies to participate in it is Meter Procurement Process.

    The General Manager, Public Affairs , Dr. Usman Abba Arabi recalled in a statement that following the Commission’s approval of the Meter Asset Provider (MAP) Regulations 2018, applications were invited from interested investors for ‘No Objection’ from the Commission.

    MAP Regulations, according to the statement, is intended to facilitate closure of the wide metering gap in the Nigeria Electricity Supply Industry (NESI) within three years. The ‘No Objection’ is to qualify intending investors to participate in the meter procurement process in NESI.

    The statement reads in parts: “The Regulation mandates electricity distribution companies (DISCOS) to engage meter assets providers who fund purchase, installation and replacement of meters to meet Discos metering obligations to their customers. This is to ensure that all electricity customers are metered thereby reducing incidences of estimated electricity billing to the barest minimum.

    Read Also: NERC to increase electricity tariff

    “The Commission having conducted due diligence on the supporting documents to the applications submitted by interested investors, has granted successful applicants ‘No Objection’ to participate in the procurement process for meter assets provision in accordance with section 8 subsection 4 of the Meter Assets Providers Regulations, 2018.

    “Members of the public and intending investors should please note that the publication of these applicants does not foreclose other interested applicants from getting the ‘No Objection’ as it is a continuous exercise.

    Companies granted ‘No Objection’ include Huawei Technology Company Nigeria Limited; Bilview Energy Limited; Chintech Electro Nigeria Limited; Holley Metering Limited; Meron Nigeria Limited; Integrated Power Limited; MBH Power Limited; Trimani Engineering Limited; Sapropel Energy Resources Limited; Megawatt Distribution International Limited; Unistar Hi-Tech Systems Limited; and MOMAS Electricity Meters Manufacturing Company Limited.

    “Others are Imperial Infrastructure Development Company Limited; Ratio Consulting Limited; Protogy Global Services Limited; Paktim Metering Nigeria Limited; Sabrud Consortium Nigeria Limited; Tinuten Nigeria Limited; Kayz Consortium Limited; BTS Power Limited; CIG Metering Assets Nigeria Limited and Cresthill Energy Limited.”

     

  • TCN urges DisCos to recapitalize 

    …fears imminent system collapse over load rejection

     

    Owing to the volume of idle power waiting for evacuation, the Transmission Company of Nigeria ((TCN), Wednesday called on the electricity Distribution Companies (DisCos) to recapitalize the investment in order to boost their capacity.

    The company expressed fears that despite its existing capacity, load rejection from the DisCos, which causes high frequency and system collapse could still persist unless the distribution companies are ready to distribute their loads.

    The Assistant General Manager, Operation, Engr. Smart Omo Omoragbon made this call during a media tour all the Ikeja West, Transmission sub-station, Ipaja-Ayobo, Lagos.

    He noted that as the government provides funding to the transmission expansion that has resulted in a strengthened transmission capacity, the private investors of the distribution sub-chain should recapitalize to be able to distribute their load allocation.

    His words: “They are also improving but it might not also be at the same pace because the federal government is providing our funds. Their problem as far as fund is concern, they also need to recapitalize. Their network needs to be upgraded so that they can deliver energy to the Nigerian people.”

    Technically, transmission capacity is expected to be double of transmission capacity, but in the Nigeria Electricity Supply Industry, distribution capacity is a far cry from the transmission capacity of about 7,000Mega Watts (MW).

    While at Ejigbo 132/33KV substation, the capacity is presently 250MVA by the time the 100MVA is commissioned the capacity would have increased to 300MVA. Besides, a mobile transformer is presently bridging the gap when the need arises; it was learnt from the Assistant General Manager, Akintola Mojeed.

    He said the TCN was interfacing with the DisCos on how to catch up with the transmission expansion by radiating another feeder in Igando and Ijegun to separate the two locations.

    Speaking with journalists at the Ejigbo sub-station, the Deputy Director of Press, Etore Thomas said that “we are transmitting more and generating less.”

    She however added that the distribution companies were doing the “needful but they should step up their capacities.”

    The team was also at Akamgba sub-station, where the Assistant General Manager of Transmission, Engr. Anthony Dim, said there was consistent increase in the capacity, stressing that for the past two years “we have experienced capacity increase in virtually all the sub-stations.”

    Within the period, according to him, two MVAs have been added with 300MvA on the site, which would be completed before the year ends.

    Continuing, he revealed that the station has an idle load that it “was waiting to be picked up by Eko Distribution Company.

    “We are trying to ask them to come here because we have more than enough capacity,” stressing that “Eko must evacuate the load; by the time they are not evacuating we will be reducing generation. For instance, if the generation is high, it can also lead to system collapse.

    “And that is why we cannot guarantee that system collapse is now history. It is a function of the load that is in the system. If the the load in the system is not evacuated the frequency will be extraordinarily high and it can lead to system collapse.

    “With the addition of the 2/60MVA transformer, we are set to increase the capacity. So we have so much load here that we are waiting for the DisCo to tap into from this station.”

    Read Also: TCN inaugurates 100MVA transformer, assures increase in power supply

  • FG, MAN, discuss measures to distribute 2,000MW unused electricity

    FG, MAN, discuss measures to distribute 2,000MW unused electricity

    Determined to distribute unused 2,000MW of electricity, the Federal Government on Tuesday met with the Manufacturers Association of Nigeria ( MAN ) to discuss workable ways to distribute the unused power.

    The Minister of Power, Works and Housing, Mr Babatunde Fashola, made this known to newsmen during the meeting with MAN in Abuja.

    He said that both parties would work out possibility of increasing not only access to power for business but also to improve the quantity and quality of power supply to the manufacturing sector.

    He said the story of Nigeria’s manufacturing and production sector had been characterised by lack of infrastructure such as  electricity.

    The minister said the forum was to evolve measures on how to distribute the 2,000MW unused power in the National Grid.

    “Our meeting is important because we gather not to talk about the problem, we gather to solve the problem.

    “As I said at a different forum, we have a new problem; we have more power than we can distribute.

    “In that context, we cannot continue to talk of lack of power; instead, we must talk about how to connect to the available and unsold power, and what it will cost to do so,’’ he said.

    According to Fashola, Nigeria’s power generating companies are now able to produce 7,000 MW, while Transmission Company is able to transport all of the power generated.

    He said the Distribution Companies ( DISCOS ) had also increased their load taking capacity to 5,0000MW.

    He said however that “this leaves a gap of 2,000MW of what you manufacturers will call unsold inventory.”

    The minister said the unused power offered the manufacturers a critical raw material to reduce cost of their production.

    “What we gather to do today is to open the window for sales to the Eligible Customer – willing buyer and willing seller.

    “There can be no better time to explore this option than when there is the supply of unsold power with the clear promise of more to come.

    “The market must open to all willing buyers,” Fashola said.

    Fashola said access to the 2,000MW for manufacturing and production would be the big bridge toward diversification of the economy.

    He urged participants to be open, frank and most importantly be flexible in the negotiations.

    The President of MAN, Dr Frank Jacobs said it was a great opportunity for MAN to key into the process of utilising the 2,000MW.

    He said MAN was in need of electricity, adding that its members daily consumption was 14, 882MW of electricity, mostly self generated.

    Jacobs said the eligible customer initiative would make it possible for members of MAN to get some of the unused power and convert it for their own use.

    “We think that the 2,000MW will help to augment though it will not give us all that we need, but it will help us,’’ Jacobs said.

    He expressed hope that the DISCOS would understand that the taking of the 2,000MW by the manufacturing sector was for the benefit of the country.

    “The opposition, we expect may be from the DISCOS, but we are hoping that they will understand that what we are doing is for the interest of the country and the economy of Nigeria,’’ he said.

    NAN

  • Electricity tariff: Senators to meet Fashola

    Electricity tariff: Senators to meet Fashola

    Chairman, Senate Committee on Power, Steel Development and Metallurgy, Senator Enyinnaya Abaribe, Monday said that his Committee has concluded plans to meet Minister of Power, Works and Housing, Mr. Babatunde Fashola to address concerns raised by power Distribution Companies (DISCOS), over electricity pricing.

    Abaribe who was said to have disclosed this during a tour of Power installations under the Port Harcourt Electricity Distribution Company (PHEDC), in Port Harcourt, noted that the committee was seeking to address the contentious issue of electricity tariff.

    The senator was said to have agreed that fluctuations in pricing was affecting the sector.

    Senator Abaribe, accompanied by six other senators on the visit, was said to have told officials of PHEDC that his Committee wanted to resolve the question of differentials between the money payable to generation companies and other stakeholders by the Discos.

    According to him, all options will be placed on the table during the proposed meeting with the Minister.

    He said: “We have had this discussion about pricing. We are taking it up with the Ministry of Works, Power and Housing. What we are looking for is a stable price. We do not want a system where things fluctuate. We will sit with them and look at all the variables.”

    The Senator also told the leadership of the PHEDC that they needed to work closely with the Nigerian Security and Civil Defence Corps (NSCDC) to tackle activities of vandals.

    The NSCDC, he said, is empowered by law to protect critical national infrastructure and prosecute vandals. He said the police is limited in the prosecution of vandals.

    He said: “The question about prosecution is key. There is a law passed by the National Assembly to empower the Civil Defence Corps. They have powers to prosecute people who engage in energy or cable theft. They have the power to do that. If you drag them to the police, the fines are less. With Civil Defence Corps, you get favourable judgments.”

    He said: “The job of the National Assembly is to legislate and help with laws that will make laws easier. This is one of the reasons we are going on oversight. The issue of right of way has come of age that we have to collaborate with state governments. It has to do with land use. I do not think state governments give the permission to people to build along power lines.

    “Because of the decay, people now do certain things and nobody gets fined. The laws are already there. It is the enforcement of these laws that is the problem. We need to work with state governments to implement these laws.

    “Part of your corporate social responsibility is to ensure that the people in places where you do business are part of your campaigns. These problems are peculiar to our system.

    “People now use transformer oil to fry akara and even cook. There are places in Nigeria where these things happen. We need to educate people on the dangers of these things. DISCOS need to carry out more awareness programmes to educate their people.

    “We must begin to differentiate between the rich and the poor. The most vulnerable in the society should not pay. There is a place in Brazil where poor people stay. We visited them. We discovered that the whole community was connected, but they were not paying. We should have that system here.”

    Acting Chief Executive of PHEDC, Engineer Kingsley Achife was said to have in his speech told the committee that the Discos were faced with serious challenges.

    He said: “One of the biggest problems is electricity theft. Very highly connected individuals are involved. About 130 people are currently in custody over this theft. We are appealing to the Senate to make hostility against electricity staff a crime. Our staff have been kidnapped, shot at and killed in their course of doing their duties. We need the help of lawmakers to put an end to this.

    “Some communities reject metering here. Whenever our staff goes there, they are either beaten up or chased out. This is a problem. In places where we have put metres, the communities have bypassed them and they do not pay their bills. This is a major challenge we are facing.”

     

  • FG to open privatised power sector to new investment process – Minister

    FG to open privatised power sector to new investment process – Minister

    The Federal Government  says  the  privatised power sector  will open up for new investment process to enable  new investors invest  further  in the development of the sector.

    The Minister of State for National Planning, Mrs Zainab Ahmed, said this in Abuja.

    Ahmed said the plan by government became necessary given the challenges in the sector.

    “The power sector has been privatised, but I am sure that every Nigerian will testify that the privatisation has not worked out well.

    “What we set to achieve  in terms of the development of the power sector  has not yet happened.

    “We have now come to a point where  government, which is a share holder in power sector, and the investors  must come together and decide  to cede some of their holdings  to the fresh investors .

    “The ceding of the holding to the fresh investors will enable them to inject new funds and new expertise to enable us to grow the power sector the way that will serve Nigerians.

    She said the process would  involve  government negotiating with the existing owners  and  deciding  the right  level of holding that would go for another round of sale.

    She said that the opening of the power sector would also entail  the review of  tariff “to the extent that we said that the power sector will be opened up to a new investments process.

    “It is very clear that no new investor will be  coming without  having a satisfaction of the level of tariff that will  be attained in the industry.

    “That will be a discussion that will be heard with the new investors; it is very clear to us that the level of tariff that we have now is not sustainable.

    “But where the tariff  will go will be a subject of negotiation between government, existing investors, the new investors and the consumers; so we try to attain  an optimal  level, but there will be an impact on  the tariff.“

    She, however, said that the starting point for the review of the entire process would be  the Distribution Companies ( DISCOs ), adding that distribution of electricity was most pressing.

    On government borrowing, she said that government did not go and borrow at 21 or 22 per cent.

    According to her, the market actually  determines  the  point  of  government borrowing .

    “The point we are making is that because the government is borrowing heavily, the financial sector is now concentrating on borrowing to government,  and the private sector gets little or no attention.

    “So government must reduce its level of domestic borrowing  to free the space so that the financial sector is able to borrow to the  private   sector.

    NAN

  • FEC okays N25.99 billion debt payment to Discos 

    FEC okays N25.99 billion debt payment to Discos 

    The Federal Executive Council (FEC) on Wednesday 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 briefed 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 is still on going.

    Details Later…