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NEC to examine ownership structure of power distribution companies

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NEC to examine ownership structure of power distribution companies


NEC to examine ownership structure of power distribution companies

NEC

Abuja, Nov. 21, 2019 The National Economic Council (NEC) has resolved to set up an ad hoc committee to look into the ownership structure of power distribution companies.

Imo Gov. Emeka Ihedioha disclosed this while briefing State House correspondents after the NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

He stated that `NEC resolved to constitute an ad hoc committee, including Kaduna Gov. Nasiru el-Rufai, as well as governors representing the six geo-political zones, to review the status of  the ownership structure of the power distribution companies.

El-Rufai was was at some point, Director-General of Bureau of Public Enterprises (BPE) while the six governors are currently serving on the board of the Niger Delta Power Holding Company (NDPHC).

“He said that the committee would also include representatives of the National Council of Privitisation (NCP) and BPE.

The governor said that what gave rise to the discussion on the NDPHC was an issue that came up in terms of ownership between the Federal Government and state governments.

“ It was important for us to deal with all concerns and establish factually what the true situation is.

“Whether it is a joint or partnership ownership structure between the Federal Government and the state governments or whether the Federal Government has divested its shares,’’ he said.

Ihedioha said that the Accountant General of the Federation, on behalf of the Minister of Finance, Budget and National Planning, also briefed the council on the balances of national accounts.

He said that Excess Crude Account balance as at Nov. 20 stood at 324.d5 million dollars; Stabilisation Account, N29.48 billion; while Natural Resources Development Fund Account stood at N79.7 billion

Ihedioha said that the vice president, who is the chairman of council, briefed the meeting on the Single Window Steering Committee and the Apapa Traffic Task Team.

He said that Gov. Abubakar Badaru of Jigawa State would join the team.

The Imo governor, however,  said that the nothing was discussed on budget support refund which came up at the council the previous month.

Edited by Donald Ugwu (NAN)

Chijioke Okoronkwo: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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