Senate Wants FG’s 40% Share In Discos Sold To Foreign Investors
Nigerian Senate
The Senate has advised the federal government to sell its 40 per cent stake in electricity distribution companies (Discos) to foreign investors.
Ahmed Lawan, Senate President, while receiving the management team of the Transmission Company of Nigeria (TCN), in a statement said experts in the field should be allowed to invest in the sector.
The statement reads: “The 40 per cent holding of the federal government as stipulated in the Power Privatisation Act 2005 may also be more beneficial to the nation if it is sold to foreign investors with technical know-how,”
Lawan, according to THISDAY noted that it is not in the interest of the government to keep disbursing bailout funds to Discos without a commensurate improvement in the power supply, assuring the TCN of the senate’s support for its proposed recapitalisation of Disco and the transmission rehabilitation and expansion programme (TREP).
He said the programmes should be carried out with the intention of resolving power supply challenges once and for all.
The Senate President also expressed displeasure with the report on supervisory control and data acquisition (SCADA) contracts awarded three times in the past without success, calling for a more stringent process of awarding contracts that would allow only competent firms qualified to execute the project.
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