Williams Anuku Abuja
The National Economic Council (NEC) on Thursday announced the setting up of an ad-hoc committee to review the ownership of Power Distribution Companies (DISCOS).
Specifically, the Federal, States and Local Governments through the Niger Delta Power Holding Company (NDPHC) all have investment in the DISCOS.
NDPHC is a private limited Liability company fully subscribed to by Federal, states and local governments with a mandate to manage the power projects tagged, National Integrated Power Projects (NIPP), an emergency intervention scheme to tackle the power problem in the country.
Imo State Governor, Emeka Ihedioha who briefed State House Correspondents after the NEC meeting which lasted several hours at the presidential villa, Abuja, on Wednesday, said it was the desire of government to have a relook into the ownership structure of Power Distribution Companies.
Reports reveal that the federal government is mulling the idea of taking ownership of the distribution assets from the investors and pay them off with N736 billion. Government is alleged to have described the investors as failures.
Ihedioha said the committee for the review of DISCOS include the governor Nasir El-Rufai of Kaduna state and his other counterpart representing the six geo-political zones who are currently serving in the board of the organization as well as representatives from the National Council on privatization.
Ihedioha disclosed further that the Accountant General of the Federation Idris Ahmed had at the meeting informed Council that the balance in the Excess Crude Account (ECA) as at 20th November, 2019 was $324.539m, while the balance in the Stabilization Account stands at N29.480billion.
He said that the Natural Resources Development Fund Account balance as at 20th November stood at N79.751billion.
