RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Aso Villa, DHQ, CBN face disconnection over N47bn debt

Victoria Attah by Victoria Attah
February 20, 2024
in Economy, Politics
Reading Time: 1 min read
A A
0
Aso Villa, DHQ, CBN face disconnection over N47bn debt
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

No fewer than 86 ministries, agencies, and departments of the Nigerian government are collectively indebted to the Abuja Electricity Distribution Company (AEDC) to the tune of N47 billion, according to a public notice issued by the management of the AEDC.

The notice, issued on Monday, revealed a broad spectrum of entities owing significant amounts, including the Presidential Villa, which owes N923.9 million, and the National Security Adviser, in debt to the tune of N95.9 billion. Additionally, the Ministry of the Federal Capital Territory, supervised by Governor Nyesom Wike, owes approximately N7.57 billion.

AlsoRead

MTN Group Strikes $6.2 Billion Deal to Fully Acquire IHS Towers

Dangote Urges Urgent National Retreat on Power Crisis, Declares ‘No Power, No Growth’ for Nigeria

NLC Issues Stark Warning of Nationwide Strike Over Persistent Power Grid Failures.

The AEDC threatened to disconnect the defaulting ministries, agencies, and departments within 10 days if they fail to settle their outstanding debts. Notably, the Chief of Defence Staff barracks and military formations have accumulated a substantial debt of N12 billion, while the Ministry of Finance is indebted to the tune of N5.43 billion.

Minister of Power, Adebayo Adelabu, whose ministry is among the debtors, has expressed concerns about unpaid debts affecting the nation’s power sector, emphasizing the need for a cost-reflective tariff. However, his media aide, Bolaji Tunji, clarified that the minister consistently approves the payment of electricity bills and may have inherited the debt from his predecessors.

While some ministries and agencies have promptly responded to the notice, others, including the Federal Airports Authority of Nigeria (FAAN), are yet to provide a response.

The looming disconnection underscores the financial strains faced by both government agencies and the power sector, highlighting the urgency for resolving outstanding debts and ensuring the sustainability of electricity supply across the country.

The news comes amid ongoing efforts to address challenges within the Nigerian power sector and underscores the importance of fiscal responsibility and accountability in managing government finances.

Tags: Abuja Electricity Distribution CompanyAEDCAso VillaCBNDebtDHQMinistry of Finance
Previous Post

Job Seeker Decline as Self-Employment Surges Amid Tough Economy

Next Post

P2P market crosses N1800/$1 as Official Rates Settled at N1551/$

Related News

BREAKING: MTN Nigeria gets NCC approval to lease spectrum from NTEL.

MTN Group Strikes $6.2 Billion Deal to Fully Acquire IHS Towers

by Akpan Edidong
February 18, 2026
0

MTN Group Limited, Africa's leading mobile network operator, has entered into a definitive merger agreement to acquire full ownership of...

Dangote Group Repatriates Over $687.98 Million to Nigeria

Dangote Urges Urgent National Retreat on Power Crisis, Declares ‘No Power, No Growth’ for Nigeria

by Victoria Attah
February 18, 2026
0

Aliko Dangote, President and Chairman of Dangote Industries Limited, has called on the Federal Government to immediately organise a national...

National Protest: NLC To Shut Down Nation Over High Cost of Living Crises

NLC Issues Stark Warning of Nationwide Strike Over Persistent Power Grid Failures.

by Victoria Attah
February 18, 2026
0

The Nigeria Labour Congress (NLC) has escalated its criticism of the country's chronic electricity crisis, threatening a nationwide industrial action...

FG Aims to Recoup N553 Billion in Unremitted Taxes from International Petroleum Shipping Companies

FG Targets N800 Billion in February Bond Auction, Doubling Last Year’s Offer Amid High Borrowing Costs

by Victoria Attah
February 17, 2026
0

Nigeria's Debt Management Office (DMO) has scheduled a Federal Government bond auction for February 23, 2026, aiming to raise N800...

Next Post
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

P2P market crosses N1800/$1 as Official Rates Settled at N1551/$

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BREAKING: MTN Nigeria gets NCC approval to lease spectrum from NTEL.

MTN Group Strikes $6.2 Billion Deal to Fully Acquire IHS Towers

February 18, 2026
Dangote Group Repatriates Over $687.98 Million to Nigeria

Dangote Urges Urgent National Retreat on Power Crisis, Declares ‘No Power, No Growth’ for Nigeria

February 18, 2026

Popular Story

  • Gold Rebounds Above $5,000 as Dollar Weakens and Geopolitical Risks Linger

    0 shares
    Share 0 Tweet 0
  • MTN Group Strikes $6.2 Billion Deal to Fully Acquire IHS Towers

    0 shares
    Share 0 Tweet 0
  • FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • kms tools office 2024 ✓ Activate Microsoft Office Easily ➔ Step-by-Step Guide

    0 shares
    Share 0 Tweet 0
  • NGX All-Share Index Surges 6.16% to Record 182,313.08 Points, Market Cap Hits N117.03 Trillion

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>