FG Loses N14.6bn Over DISCOs Non-remittance

The 10 power distribution companies which emerged from the unbundling of the Power Holding Company of Nigeria, PHCN, has failed to remit aboutN14.16 billion to theNigerian Electricity Liability Management Company and theFederal Inland Revenue Service, FIRS, a published report says. The Punch reported it stumbled on a document showing that the DISCOs defaulted in their remittances to the government agencies between last November and July 31, 2014. They wereAbuja Disco N4.44bn;Eko DiscoN2.1bn;Port Harcourt DiscoN1.33bn;Yola DiscoN239.36m;Benin DiscoN798.84m andEnugu DiscoN1.1bn. Indebted, also, are Kano Disco N954.94m,; Jos Disco N583.55m; Ibadan N340.63m and Ikeja Discos N1.35bn. A letter from the Nigerian Electricity Regulatory Commission, NERC,to the defaulters dated October 8, 2014, gave Friday, 17 October as deadline. The penalty for further default, the NERC says, is a fine of N10,000 per hour.
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