Discos get July 24 deadline to pay off debts

The Federal Government has ordered power distribution firms to remit the outstanding amounts for capacity and energy supplied to them since February this year before the close of business on Friday, July 24, 2015, The Punch reports.

For about five months, electricity distribution companies in the country had failed to remit funds meant for the government, a development that had led to serious liquidity squeeze in different agencies under the Federal Ministry of Power.

On Tuesday, the Discos declared that it was becoming increasingly difficult for them to meet their operational payment obligations.

It was gathered that the decision that the Discos must clear their debts before July 24 was communicated to them after a meeting between the power firms and the Nigerian Electricity Regulatory Commission in Abuja, during which the Nigerian Bulk Electricity Trading Company Plc was urged to extend the payment deadline by the Discos.

 

 

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