National Economic Council announces 29 percent increase in power generation.

The National Economic Council has announced a 29 percent increase in power generation during the first six weeks of the Buhari administration and the extension of the Transmission Company of Nigeria management of the power sector by another year to enhance the performance in the sector.

This was made known to reporters by the Governor of Jigawa State Badaru Abubakar who joined the Anambra State Governor Willie Obiano, who briefed on the outcome of the meeting presided over by the Vice President, Yemi Osinbajo.

The Council also said the repair of hydro standard capacity of the Kainji, transportation of gas from power plants to industrial off takers and fixing of major transmission constraints are some of the top priorities of the government and directed state governments to ensure prompt payment of electricity bills by the vendors as well as provision of security to avoid vandalisation of distribution assets in the country.

The vice president and the state governors, who form the National Economic Council said that Federal Government bonds had been issued to 14 banks on behalf of 11 out of 22 state governments as part of the plan to restructure states’ loans in commercial banks and enable them to meet their financial obligations.

Kwara state governor, Abdulfatah Ahmed said the latest on the terms of restructuring of states’ indebtedness to commercial banks were contained in the presentations made to the council by the Central Bank of Nigeria and the Debt Management Office and urged the remaining 11 states to quickly put their documentation in place to ensure they fitted into the time schedule.

 



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