NBET Exposes Massive Debts as Eko, Abuja, 9 Other DisCos Owe FG N2.6 Trillion

NBET Plc revealed that eleven electricity distribution companies (DisCos) in Nigeria collectively owe the Federation Account a staggering N2.6 trillion. The Managing Director, Johnson Akinnawo, disclosed this during an appearance before the House of Representatives Committee on Public Accounts.

The debt profile as of September 30, 2020, showed that Abuja DisCo owes N90 billion, Eko DisCo owes N231 billion, and others like Ikeja DisCo, Jos DisCo, and Kaduna DisCo owe significant amounts as well. The 2021 Auditor General report uncovered anomalies in the power sector, including N30 billion in uncollected debts by the market operator and N549 million shortfall in NBET's income.

NERC also flagged N26 billion owed to two foreign companies that exported electricity to Togo and Benin. The Committee has summoned the DisCos to clarify their failure to meet financial obligations.

Additionally, NERC issued a warning to Ajaokuta Steel Company.