The Federal Government has completed the takeover of four electricity distribution companies and constituted the board of the Nigeria Electricity Liability Management Company.

Vice President Yemi Osinbajo, on Friday, said the newly constituted board of the Nigeria Electricity Liability Management Company would enhance ongoing efforts to resolve the liabilities relating to tariff shortfalls for power distribution companies nationwide.

According to a statement signed by his Senior Special Assistant on Media and Publicity, Laolu Akande, Osinbajo made the assertion in his remarks delivered virtually at the inauguration of the new 10-member board of NELMCO.

The statement was titled ‘FG moves to resolve tariff shortfalls in power sector as Osinbajo inaugurates Nigeria electricity liability management company’s board.’

The Vice President also mandated the board composed of Ministers of Finance, Power, and others to protect the interests of the society, particularly ordinary citizens.

Before Friday’s inauguration, NELMCO had been running without a duly constituted board since the first board was inaugurated in 2013 and dissolved shortly after.

According to the Vice President, “today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria.

“This ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO.”

OriOko88:
What difference will it make,except those abokis who will be put in charge, later embezzling our light bills,then efcc coming after them,charge them to court,then grant them bail and everyone moves on..nothing changes.

Mk dem buy all d six discos join,light no go improve. Na corruption them go use destroy it. APC really makes corruption looks normal,all those northerners are d one milking this country. E.g accountant general wy embezzle 109b naira and d court still granted him bail,and the 118billion den use cut grass . Nothing go come out of those cases. Most of the monies are in abokis pockets,wey dem go use marry more wives and go on hajj and lesser hajj. How den wan clamour for restructuring and division of d country. Na dem dey enjoy the milk

Naija na cruise walahi

Bankowner:
I wonder why NEPA was sold in the first place.

Parachoko:


https://punchng.com/fg-concludes-takeover-of-four-discos/

Agboriotejoye:

Where are those blaming the contracts signed by the former administration for the inability of this administration to takeover these failed discos earlier?
You can now see it was simply lack of political will and foresight.
The damage done by the supporters and paid media urchins of this administration is worse than the damage done by the administration itself.

Praxis758:
I hope those strict clauses in the agreement won’t clog this step.

I strongly pray we find a way to take the Discos away from those ineffective and incapacitated buyers.

The greatest error made by GEJ was his selling of a key national asset like Discos to incompetent and unskilled investors in the name of attracting favor and winning second term.

Prof Oshinbajo should use his legal expertise to drive us out of this swamp.

Praxis758:
I hope those strict clauses in the agreement won’t clog this step.

I strongly pray we find a way to take the Discos away from those ineffective and incapacitated buyers.

The greatest error made by GEJ was his selling of a key national asset like Discos to incompetent and unskilled investors in the name of attracting favor and winning second term.

Prof Oshinbajo should use his legal expertise to drive us out of this swamp.

beardedboy:

Do you know since when they've been on it?
Do you know how much has been spent on it?

Some of you just talk as if government only needs to snap fingers when they want to get something done.

In the public sector, things happen very slowly due to bureaucratic bottlenecks. It's even worse in a country like Nigeria where patriotism is almost absent.

29kobo:


Nothing wrong with the sale of the DISCOS.

This was what was wrong

The issues facing the Nigerian power sector remains multi-faceted but in our view, top on the list is the non-cost reflective tariff. While we acknowledge that the current macroeconomic landscape may not be best suited for another hike in electricity tariffs, we note that the continued adoption of non-cost-reflective tariffs will exacerbate the anemic position of Discos, prevent the overhaul of poor transmission infrastructure, hinder private sector investments and constrain the development of the power sector. With government revenue under significant pressure, we believe government liquidity injections may prove to be insufficient in sustaining the power sector.

Saurce

At the very least, government should let em make a profit by letting them set prices, not the government doing it for them.