The Federal Government is working out modalities for rescheduling debts owed by power Distribution Companies (DisCos) as a means of resolving the crisis hindering the sector from efficient service delivery, The Guardian reports.

The Minister of Power, Works and Housing, Babatunde Fashola, disclosed this at the 17th power sector monthly meeting in Abuja. The Federal Government approved N701 billion for the Nigeria Bulk Electricity Trading Plc (NBET) early this year as a power purchase guarantee fund to enable it pay for power purchases from the Generation Companies (GenCos).

The Minister, who was represented by the Permanent Secretary (Power), Louis Edozien, said that payments to GenCos from the N701 billion fund for the months of January to February had been made while that of March is being worked on by the Ministry of finance and the Central Bank of Nigeria.