Reps Approve N248.6bn Bailout and 10-Year Debt Plan for Kano, Jos and Ikeja DisCos
The House of Representatives Public Accounts Committee has approved a N248.64 billion financial relief and a 10-year debt restructuring package for Kano, Jos and Ikeja distribution companies. This covers N128.6 billion in accrued interest from 2015 to 2025 and N120.06 billion in principal obligations. A technical subcommittee reviewed the Auditor-General’s 2021 report on rising DisCo indebtedness and found combined debts for 11 DisCos jumped from about N1 trillion at end-2024 to N1.3 trillion by September 2025. The committee recommends transferring certain legacy liabilities to a liability management company and waiving disputed interest charges totalling N128.58 billion. The report urges the Nigerian Electricity Regulatory Commission and NBET to allow affected DisCos to repay their historical debts over the next decade. It warns that without decisive restructuring and strict regulatory discipline, the electricity distribution segment will remain financially unstable.
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