Senate Wants FG’s 40% Share in Discos Sold to Foreign Investors

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The Senate has advised the federal government to divest its 40 per cent stake in electricity distribution companies (Discos) to foreign investors.

Senate President, Dr. Ahmed Lawan, gave this advice in Abuja when he received the management team of the Transmission Company of Nigeria (TCN) led by Usman Mohammed, its managing director.

In a statement by TCN, Lawan said experts in the field should be given an opportunity to invest in the sector.

“The 40 per cent holding of the federal government as stipulated in the Power Privatisation Act 2005 may also be more beneficial to the nation if it is sold to foreign investors with technical know-how,” the statement read.

He stated that it is not in the interest of the government to keep disbursing bailout funds to Discos without a commensurate improvement in the power supply.

Lawan also assured the TCN of the senate’s support for its proposed recapitalisation of Disco and the transmission…



Source: Thisday Newspaper