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

Oil Sector FX Demand Surges 115% in 2025 Despite Expanded Local Refining

Tax Revenue More Than Doubles to N27.1 Trillion After 113% Surge

NNPC Reduces Petrol Price to N1,299 as Competition Intensifies with MRS and Depots

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

Oil Sector FX Demand Surges 115% in 2025 Despite Expanded Local Refining

by Akpan Edidong
August 10, 2026
0

Nigeria’s foreign exchange demand for oil-sector imports rose sharply by 114.91 per cent in 2025, underscoring the country’s continued reliance...

Senate Committee Frowns at N17 Trillion Loss from Tax Waivers, Urges FIRS Reform

Tax Revenue More Than Doubles to N27.1 Trillion After 113% Surge

by Victoria Attah
August 10, 2026
0

Nigeria’s tax collections have risen by 113 per cent in less than three years, climbing from N12.3 trillion in 2023...

NNPCL to Supply Dangote Oil Refinery With Crude Oil For Testing

NNPC Reduces Petrol Price to N1,299 as Competition Intensifies with MRS and Depots

by Akpan Edidong
August 5, 2026
0

The Nigerian National Petroleum Company Limited has cut the pump price of petrol from N1,335 to N1,299 per litre, a...

Oil Prices Reach $90 Following Supply Reduction by Saudi Arabia and Russia.

Brent Crude Falls More Than $16 in Eight Sessions as US and Iran Signal Diplomacy

by Akpan Edidong
August 3, 2026
0

Brent crude has dropped more than $16 per barrel over eight trading sessions, wiping out most of the gains sparked...

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

Nigerian Stock Market Witnesses N35 Billion Dip in Market Cap as Key Stocks Decline

NGX Closes Week Higher at 245,573 Points as Banking Stocks Rally

August 10, 2026
Investment Bankers Applaud CBN Reforms Amidst Challenges, Embrace Growth Opportunities

CBN Cancels N700 Billion T-Bills Auction After Aggressive Liquidity Withdrawal

August 10, 2026

Popular Story

  • Nigeria’s Debt to China Surges by $800 Million in One Year

    31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0
  • Canada Names Eight Firms That Can Hire Nigerians Without LMIA 

    0 shares
    Share 0 Tweet 0
  • FG to establish passport factory in Nigeria

    0 shares
    Share 0 Tweet 0
  • Currency redesign: Soludo backs CBN on new Naira notes

    0 shares
    Share 0 Tweet 0
  • Concerns Mount as Forex Reserves Drop $2.3 Billion Amid Naira Gains

    0 shares
    Share 0 Tweet 0

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}
?>