The presidency through the Bureau of Public Enterprise (BPE) has assured that additional 6,000 mega watts would soon be added to the national grid to complement the 4500 megawatts currently been distributed, noting hopes of reliable power supply to Nigerians may be realised before year end.
The assurance was made by the Director General of BPE, Mr. Benjamin Dikki, even as he hinted that new investors in the power sector will be taking over the facilities in October this year, after payment of 75 per cent outstanding bid price.
Dikki said that power supply in the country will improve when the private investors eventually take over, adding that the introduction of sound maintenance culture would ensure that the current installed capacity of 6000 megawatts is exploited and put on the national grid.
The director general however appealed that the investors be given time to increase capacity after take over to re-tool and bring in new machineries like turbines which are not easily bought off the shelf, adding that procurement of machinery, installation and related activities may take up to three years.
He warned that any investor that was unable to pay the 75 percent bid balance within six months from the date the mandatory 25 percent bid payment was made, would be penalized.
Dikki allayed fears of monopoly by the investors as the necessary framework and institutional checks had been put in place to regulate their activities and ensure appropriate pricing.
He equally spoke on agriculture and the transportation sectors in the country, stressing that the Bureau was working in tandem with the transformation agenda of the present administration to transform the two sectors through the privatization of the Abuja Securities and Commodity Exchange (ASCE) and the setting up of a regulatory body in the transport sector.
“When privatized, ASCE will ensure appropriate and stable pricing for all agricultural produce and warehousing while the setting up of Nigerian Transport Commission (NTC) will regulate activities in the transport sector,” he added.
Headlines Newsview all
The National Assembly Elections Petition Tribunal sitting in Makurdi has struck out a petition filed before it by Daniel Onjeh, the All Progressives Congress candidate ... Full story
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has signed Memorandums of Understanding (MoUs) with several Chinese firms for over $80 billion new ... Full story
The Minister of Transport, Mr Rotimi Chibuike Amaechi, Wednesday, announced that General Electric, GE, would invest $2 billion in the country’s rail projects. The minister, who ... Full story
Rate this article
- Breaking News: Benue South: Mark Floors Onjeh As Court Strikes Out APC Candidate?s Petition
- Kachikwu Signs U.S.$80 Billion Oil And Gas Infrastructure Deals In China
- GE To Pump $2bn Into Nigerian Rail Projects Says Amaechi
Arguably the new set of dark horses in Euro 2016, Poland and Portugal lock horns at the Stade Vélodrome, Marseille in the first Quarter final ...
Nigerian born show-stopper, AdmiralC4C who has made a name for himself on the musical scene in Romania is currently engaged to his baby mama, Ana ... Full story
A Nigerian pastor has become the talk of town after his expensive wedding in faraway Germany. The pastor identified as Benson Oben Bechemayor of The Chapel ... Full story
The new foreign exchange regime implemented by the Central Bank of Nigeria (CBN) saw the naira “effectively devalued” from 197 to about 283 against the ...
Mother of two, Afrocandy looks s*xually appealling in a fading green gown which has attracted accolades from her fans. From the numerous pictures shared on her ... Full story
Alex Iwobi is “devastated” after Arsenal finally blocked him from the Rio Olympics, according to AfricanFootball.com. This latest decision thus overrides an earlier position by the ...
Nigerian sports minister Solomon Dalung has questioned the move by the Nigeria Football Federation (NFF) to appoint a foreign coach when they cannot even pay ...
The Lagos state government in conjunction with the Sports Writers Association of Nigeria and the Nigeria Football Supporters Club will be organizing a Farewell Testimonial ...
A bouncer who was working the door at a party organised by Lil Wayne and 2Chainz has come out to accuse Wayne of punching him ...
Media personality, Toke Makinwa covers the latest edition of Glam Africa Magazine. In it she talks about having a member of the opposite sex as ...