FG lauds CBN, banks for supporting investment in power sector reforms

Posted by News Express | 28 September 2013 | 2,827 times

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The Federal Government has lauded the contributions of the Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) to its power sector reform programme the power sector and by extension the economic development of the Nigeria.

The Vice President, Arc. Namadi Sambo, delivered the kudos yesterday in Abuja at the Special Forum on Financing the Power Sector Reforms for Economic Development organised by the Bankers’ Committee, which comprises the Chief Executive Officers of all DMBs in Nigeria.

Recalling the launch by President Goodluck Jonathan of the roadmap for the power sector reform in Lagos on August 2, 2010, Sambo expressed appreciation to the private sector for heeding the clarion call by the Federal Government on investors to support the reforms in that sector and indeed all other sectors. “The response of the private sector has been massive,” he declared.

The Vice President explained that the roadmap, which details the strategy for transforming the sector and government’s response to the needs of the sector, is the Federal Government’s way of addressing conclusively the challenges facing the power sector in the country.

Speaking further, he reiterated the commitment of the Jonathan administration to sustaining an enabling environment for investment in the power sector in order for it to meet the needs of Nigerians.

Arc. Sambo also disclosed that, with the full payment of the 25% of the acquisition cost and the required balance of 75% of the value of the electricity assets, all is now set for the formal handing over of the Generating Companies (GENCOS) and Distribution Companies (DISCOs) by next week Monday, September 30.

While also disclosing that the Federal Government had successfully resolved all labour matters relating to the Power Holding Company of Nigeria (PHCN), he promised that all was now set for the settlement of pension, severance and gratuities of all 47,913 staff of the company.

He therefore urged all stakeholders to support the Federal Government in its quest to achieve the target of 20,000 megawatts by 2020.

•Photo shows Vice President Namadi Sambo.


Source: News Express

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