THE National Council on Privatisation has approved the fast-tracking of the work plan for the concession of the Zungeru Hydroelectric Power Plant (ZHPP) in an effort at improving electricity supply.
The council also approved the board composition and proposed governance framework for the sustainable management and payment of post-privatisation liabilities of the power sector transferred to the Nigerian Electricity Liability Management Company (NELMCO) Board.
In a statement, the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said these resolutions were among the highlights of the Council’s meeting on Thursday, June 30, 2022, its third in the year, at the Presidential Villa.
The meeting was presided over by Vice President Yemi Osinbajo.
The statement is titled, ‘National Council of Privatisation approves NELMCO board, fast-tracks concession of Zungeru power plant.’
The NELMCO board comprises the Minister of Finance, as Chairman; the Minister of Power; the Director-General, Bureau of Public Enterprises; the Director-General, Debt Management Office; the Managing Director, NELMCO; and all its Executive Directors.
It was also resolved that two key members from the private sector be included in the board.
The Council outlined the key objectives of the Zungeru Hydroelectric Power Plant concession as including leveraging private sector access to finance and reducing reliance on government budgetary allocation to fund the China EXIM Bank loan; and leveraging efficiencies and better facility management (maintenance) culture of the private sector for long-term preservation of the asset.
The Council had, in its December 2020 meeting, approved the concession of the ZHPP.
At yesterday’s meeting, the Council was briefed on the performance assessment report of the nine electricity distribution companies (DisCos), which has been forwarded to the Nigerian Electricity Regulatory Commission (NERC), the sector regulator, for further review and action.
The Council noted that a thorough performance assessment revealed that the DisCos did not meet most of the set performance targets.
The meeting had in attendance council members that included ministers, representatives of federal ministries, the Director-General of the Bureau of Public Enterprises, Alex Okoh; and other senior government officials.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.