By Our Correspondent<\/p>\n
In a bid to rid the country of corruption,\u00a0 House of Representatives Public Accounts Committee has summoned 11 electricity Distribution Companies (Discos) to appear before it over an outstanding debt of N2.6 trillion owed to the federation account.<\/p>\n
The resolution was reached on Wednesday during an investigative hearing chaired by Representative Bamidele Salam, following a review of the 2021 Auditor General\u2019s report.<\/p>\n
The session featured an appearance by the Managing Director of the Nigerian Bulk Electricity Trading Company (NBET) PLC, Mr. Johnson Akinnawo, who disclosed the scale of the liabilities.<\/p>\n
According to NBET documents submitted to the Committee, as at September 30, 2020, the 11 Discos collectively owe N2.6 trillion. The breakdown is as follows:<\/p>\n
* Abuja Electricity Distribution Company (AEDC) \u2013 N330.4 billion
\n* Eko Electricity Distribution Company \u2013 N231 billion
\n* Benin Electricity Distribution Company \u2013 N233.2 billion
\n* Enugu Electricity Distribution Company \u2013 N258.3 billion
\n* Ibadan Electricity Distribution Company \u2013 N325.7 billion
\n* Ikeja Electricity Distribution Company \u2013 N310 billion
\n* Jos Electricity Distribution Company \u2013 N161.7 billion
\n* Kaduna Electricity Distribution Company \u2013 N277.7 billion
\n* Kano Electricity Distribution Company \u2013 N211.7 billion
\n* Port Harcourt Electricity Distribution Company \u2013 N239.7 billion
\n* Yola Electricity Distribution Company \u2013 N107.4 billion<\/p>\n
The Auditor General’s 2021 report, which prompted the hearing, flagged multiple irregularities in the power sector. These include:<\/p>\n
* N30 billion in uncollected debt by NBET from market operators
\n* A N549 million shortfall in NBET\u2019s 1% income from institutional charges
\n* N100 billion paid by NBET to Generation Companies (GENCOs) for electricity not delivered to the national grid
\n* N26 billion owed to Nigeria by two foreign firms for power exported to Togo, Benin, and Niger
\n* N166 billion in under-remittance by Discos, below the Nigerian Electricity Regulatory Commission\u2019s (NERC) minimum threshold
\n* N2.7 billion in unpaid invoices by the 11 Discos<\/p>\n
Following deliberations, a motion was moved by Hon. Yahya Kusada and seconded by Hon. Billy Osawaru, directing that all 11 Discos be summoned to explain the persistent non-settlement of their financial obligations.<\/p>\n
\u201cWith the magnitude of liabilities before us, it is imperative that these companies appear before the Committee to clarify their positions and outline plans for repayment,\u201d Hon. Yahya Kusada said.<\/p>\n
The Committee has also resolved to invite other market operators and participants to address concerns raised in the Auditor General\u2019s report.<\/p>\n
A date for the appearances will be communicated to the affected parties in due course.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent In a bid to rid the country of corruption,\u00a0 House of Representatives Public Accounts Committee has summoned 11 electricity Distribution Companies (Discos) to appear before it over an outstanding debt of N2.6 trillion owed to the federation account. The resolution was reached on Wednesday during an investigative hearing chaired by Representative Bamidele […]<\/p>\n","protected":false},"author":2,"featured_media":4722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[4166,1542,3623,4038,119,2356],"class_list":["post-6536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-appearances","tag-imperative","tag-liabilities","tag-magnitude","tag-repayment","tag-summoned"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/6536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=6536"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/6536\/revisions"}],"predecessor-version":[{"id":6537,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/6536\/revisions\/6537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/4722"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=6536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=6536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=6536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}