The Federal Government, yesterday, approved N39.17 billion for the supply of electricity meters to the Electricity Distribution Companies (DISCOs) which had previously been held under a judgment in court.
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, disclosed this while briefing State House correspondents after the weekly Federal Executive Council (FEC), meeting at the Council Chamber l, Presidential Villa, Abuja.
He said: “The happy news is that Council approved the memo to give effect to the negotiations we were able to put together to compromise that judgement entirely and to convert the old N39billion now to a loan to that contractor so that they can use it to supply meters through the Discos.”
- Vanguard