Power Sector Reform Crucial To Tackling Nigeria’s Energy Challenges – Shettima

Vice President Kashim Shettima has urged close collaboration among government ministries, departments, and agencies (MDAs) to actualise President Bola Ahmed Tinubu’s agenda across different sectors.

This is just as the National Council on Privatization (NCP), chaired by the Vice President on Wednesday, ratified the Bureau of Public Enterprises (BPE) ‘s 2021 and 2022 audit financial reports.

The Council also approved the progress made by the BPE in implementing its 2024 work plan to strengthen its operations.

The Council’s approvals were among the decisions taken at the 3rd meeting of the NCP, which Vice President Shettima chaired at the Presidential Villa, Abuja.

The Council also directed the BPE to further engage with the relevant parties in resolving the dispute over the sale of Sapele II (Ogorode Generation Company Ltd) and coal blocks belonging to the Nigerian Coal Corporation.

In his remarks during the meeting, the Vice President, in a statement by his spokesman, Stanley Nkwocha, commended the new management of the BPE for its diligence and renewed vision and urged stakeholders to support the realisation of the bureau’s set objectives.

He particularly commended the agency for its close supervision, conclusion of the Zungeru Hydroelectric Power Plant concession, and efforts to establish an Independent System Operator.

Senator Shettima further tasked the agency with working with the various committees of the NCP and the Ministry of Justice and devising a robust road map to expedite the completion of outstanding transactions in the nation’s interest.

The Vice President noted that making important decisions in the power sector would be critical to tackling the perennial issues in the country’s energy industry.

Presenting a progress report on the BPE’s 2024 work plan, the Director General, Mr Ayodeji Gbeleyi, reported that the Bureau generated N93.47 billion from three transactions in the first and second quarters of 2024, representing 35.9% of the expected revenues during the period under review.

The DG highlighted measures adopted by the agency to improve its operations, such as strengthening concession management capacity, reinvigorating post-transaction management capacity for effective performance, and deploying best practices in reform optimisation of public enterprises.

Also present at the meeting were Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun; Minister of Agriculture and Food Security, Sen. Abubakar Kyari; Minister of Budget and Economic Planning, Sen. Abubakar Bagudu; Minister of Power, Mr Adebayo Adelabu; Solicitor General of the Federation & Permanent Secretary, Ministry of Justice, Mrs Beatrice Jedy-Agba; Permanent Secretary, Ministry of Communication, Engr Faruk Yabo, and the representative of the CBN Governor among others.