Posted by The Guardian on
The Federal Executive Council (FEC) on Wednesday offered a lifeline to the debt-ridden ailing telecommunications giant - Nigerian Telecommunications Limited....
The Federal Executive Council (FEC) on Wednesday offered a lifeline to the debt-ridden ailing telecommunications giant - Nigerian Telecommunications Limited - giving the ministries of Finance and Communication an ultimatum to "quickly" determine the liabilities owed to NITEL by government ministries and agencies to enable the debts deducted at source from their federal allocations.
The Council, in its brief meeting, presided over by President Olusegun Obasanjo expressed concern at the high level of indebtedness to the ailing government parastatal. Minister of Information and National Orientation, Mr. Frank Nweke said that for now, the level of indebtedness of each ministry or agency will be determined after the two ministries have finished their work. He disclosed that the Federal Government had last April paid the NITEL a total of N1.5 as part of efforts to ensure that its liabilities to NITEL are sorted out.
This was aimed also at preparing the agency for sale.