The House of Representatives has mandated electricity distribution companies to undertake a N500bn recapitalisation to enhance their financial stability and ensure they can efficiently meet their obligations to the Nigerian public.
This resolution followed the adoption on Wednesday of a motion titled “Need to Address the Activities of Distribution Companies in Nigeria,” sponsored by Ayokunle Isiaka, the member representing the Ifo/Ewekoro Federal Constituency of Ogun State.
In soliciting support for the motion, Isiaka highlighted that recent actions by DisCos have posed a significant threat to the nation’s economic stability and the welfare of Nigerians.
He expressed concern that despite Nigerians paying for electricity meter installations, distribution companies are still demanding additional payments for the replacement of these meters under controversial circumstances.
“The House notes that Nigerian consumers paid for electricity meter installation, but DisCos are demanding additional payments for the replacement of these meters under dubious pretences, undermining consumer trust and exacerbating financial burdens,” he said.
“The House is concerned that consumers are being coerced into paying for meters they have already financed, putting additional financial strain on households and businesses already facing economic challenges.”
