The Public Accounts Committee of the House of Representatives has adopted a resolution, approving reliefs and a 10-year debt restructuring plan for the Kano, Jos, and Ikeja Electricity Distribution Companies (DisCos).
This covers accrued interest on debt from 2015 to September 2025 amounting to N128,575,190,740.54, as well as historical debts totaling N120,061,898,737, bringing the combined outstanding liabilities to N248,637,089,278.83.
The committee’s resolution was fallout of the adoption of a technical subcommittee report, forming part of the 2021 Auditor-General of the Federation Report on the growing indebtedness of 11 DisCos, as escalated by the Nigeria Bulk Electricity Trading Company Plc (NBET).
Chairman of the technical subcommittee, Hon. Mark Obetta, said the recommendation forms part of legislative efforts to stabilise the electricity market and address legacy liabilities affecting the sector’s financial sustainability.
The report, which reviewed the financial obligations of eleven DisCos, showed that their cumulative indebtedness rose from one trillion naira at December 31, 2024 to N1.3 trillion in September 25, 2025, including the principal and interest.
The committee said the investigation was aimed at verifying the Auditor-General’s claims, establishing the current debt position, and identifying the reasons for the persistent failure of DisCos to meet their obligations.
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