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Nigeria’s Privatisation Council Approves Completion of Zungeru Power Plant Concession

It is also fast tracking restructuring of the Bank of Agriculture.

The National Council on Privatization (NCP) has set up an ad hoc committee to fast track restructuring and resuscitation of the Bank of Agriculture (BOA). 

This latest move by NCP is aimed at ensuring better service delivery in line with the Renewed Hope Agenda of President Bola Tinubu-led administration

Vice President Kashim Shettima, who chaired the maiden meeting of the reconstituted NCP at the State House, Abuja on Tuesday, emphasised the importance of the tasks before the new Council, particularly the rejuvenation of BOA, among others.

Speaking after presentation of the agenda and matters arising by the Director General of the Bureau of Public Enterprises (BPE), Dr Alex Okoh, Shettima listed the composition of the ad hoc committee, saying a lot will depend on the decisions of the Council in the months ahead.

He said: “We have to make some far reaching decisions on the restructuring of the Bank of Agriculture because the bank will be critical to the realization of the Renewed Hope Agenda of the Tinubu administration. It is very important for us and for this administration”.

According to him, the Finance Minister, Mr Wale Edun will Chair the ad hoc committee, while members include, Minister of Agriculture and Food Security, Senator Abubakar Kyari; Minister of Budget and Economic Planning, Senator Atiku Bagudu; CBN Governor, Dr Yemi Cardoso; Representative of the Ministry Of Finance Incorporated (MOFI); Chairmen of the NCP Technical and Legal Committees; a member of the NCP, Alhaji Mohammed Mustapha Bintube, and the DG of BPE will serve as Secretary.

Shettima urged the committee to come up with a roadmap for the resuscitation of the BOA, among other resolutions.

The Council also approved the completion of the concession of the 700MW Zungeru Hydroelectric Power Plant and particularly directed the opening of a dedicated account at the Debt Management Office for the payment of the concession fees by the concessionaire.

Shettima directed the CBN governor to commence the opening of the account at the DMO as proposed by the BPE.

Yet another major decision taken at the meeting was the ratification of constituted standing committees for the Council, comprising the Technical, Stakeholder Engagement, Finance and Legal committees.

Also approved at the maiden NCP meeting was the 2024 workplan of the Bureau of Public Enterprises (BPE) covering its privatization activities and participation in international forums to attract interest in the country’s privatization programme. 

The Vice President had earlier in his opening address set the tone for the deliberations, urging members to take every task seriously. “We will be meeting more frequently because we have to support the President to execute the Renewed Hope Agenda”.

Present at the meeting were the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun; Minister of Agriculture and Food Security, Senator Abubakar Kyari; Minister of Budget and Economic Planning, Senator Abubakar Bagudu; Minister of Steel Development, Shuaibu Audu; Minister of Transportation, Sen. Sa’idu Alkali; CBN Governor, Dr Yemi Cardoso, and Chairman of the reconstituted Technical Committee, Mr Oye Odukale, among other Council members.

Deji Elumoye in Abuja

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