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 about N14.16 billion to the Nigerian Electricity Liability Management Company and the Federal 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 were Abuja Disco N4.44bn; Eko Disco N2.1bn; Port Harcourt Disco N1.33bn; Yola Disco N239.36m; Benin Disco N798.84m and Enugu Disco N1.1bn. 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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