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The Federal Government has approved the verified sum of N25.9 billion as debt owed distribution companies by Ministries, Departments and Agencies MDAs of the Federal Government, according to the Minister of Power, Works and Housing, Babtunde Fashola. Fashola made this known to journalist after the federal executive council meeting at the State House.

“Since the inception of this administration, there have been claims of debts owed distribution companies DISCOS, by Ministries, Departments and Agencies of government have been a matter of concern and we had made a commitment that those figures would be verified and government will pay the verified sums” he said.

 

We have completed the verification and we have asked Council to approve the verified sum of N25.9 billion owed by the MDAs of the Federal government, to be paid to the DISCOS out of the claim of N67.4 billion made by the DISCOS. S there is a differential of about N41 billion, which arose because some of the claims do not belong to the federal government.

 

They are owed by States and Local Governments and some public international organizations that have been classified as government institutions,” he said.

 

Fashola said further verification would be done at the States and Local Government levels, to ascertain the true position, so that government can demonstrate its support for the private sector by paying its own debt.

 

He also said the N25.9 billion now approved as the debt of the federal government would not be paid in cash but would be set off against the over N500 billion the DISCOS owe government, for their unremitted collections for energy they have taken.

 

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