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FG to sell Geregu, Omotosho, Calabar power plants for N434 billion in 2021

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THE Federal Government, FG has concluded plans to sell Geregu, Omotosho and Calabar power plants for N434 billion in 2021, according to a report.

The arrangements by the FG were contained in a document submitted by the Bureau of Public Enterprises, BPE to the Senate during the 2021 budget defence in Abuja.

According to the breakdown, Geregu power plant, which was constructed at the cost $10 billion, would be sold at N140.7 billion, Omotosho Power Plant will go for N151.4 billion and Calabar will be sold for N143.4 billion respectively.

The FG explained in the document that the proceeds from the three power plants will be paid to the Niger Delta Power Holding Company (NDPHC).

Other assets considered for concession include the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium and Adokiye Amiesimaka Stadium in Port Harcourt valued at N100 million next year.

Also, the government will in 2021, a concession the National Art Theatre, Tafawa Balewa Square and all the River Basin Development Authorities to the tune of N836 million.

The breakdown further showed that the National Art Theatre will be concessioned for N200 million, Tafawa Balewa Square will be concessioned for N436 million and all the River Basin Development Authorities will go for N200 million.

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While the BPE has been summoned to appear before the Senate Committee on  Privatization and Commercialisation chaired by Senator Theodore Orji, Peoples Democratic Party, PDP, Abia Central to shed light on its revenue projection in 2021, which consists of sales of Power Plants and concession of government-owned properties.

The Committee has also demanded an investigation into the sale of some of the FG’s shares in the Afam and Geregu Power plants to ensure that the country is not short-changed in the transaction.

Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.

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Amos ABBAhttps://www.icirnigeria.org/
Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.

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