House of Reps Pushes for N500bn Boost to Power DisCos

The House of Representatives has called for a substantial recapitalization exercise amounting to N500 billion aimed at bolstering the financial health and operational efficiency of Nigeria's Electricity Distribution Companies (DisCos).

This initiative, driven by growing concerns over the economic stability and welfare of Nigerian citizens, was set in motion through a motion titled "Need to Address the Activities of Distribution Companies in Nigeria," sponsored by Hon. Ayokunle Isiaka.

During the plenary session, Hon. Isiaka highlighted pressing issues that have plagued consumers, particularly the controversial demands by DisCos for additional payments for electricity meter replacements.

He stated, "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."

The House, led by Speaker Abbas Tajudeen, expressed deep concern over the DisCos' persistent disregard for consumer rights and their impact on the nation's economic stability.

In response, the House mandated that only those DisCos with the necessary financial strength should continue operations, emphasizing the need for a recapitalization of not less than N500 billion.

The Federal Ministry of Power has been urged to take immediate action against the reckless practices of these companies, which are seen as a threat to the economy.

Furthermore, the House Committee on Power has been tasked with investigating the activities of the power distribution companies to ensure greater accountability and improved service delivery.