Nigeria reconstitutes Board of Power Company

Timothy Choji, Abuja

The Board of the Niger Delta Holding Company has been reconstituted in order to enhance power supply to all parts of Nigeria.

The Nassarawa State Governor, Tanko Almakura disclosed this while briefing State House Correspondents on the outcome of Thursday’s meeting of the National Economic Council, presided by Vice President Yemi Osinbajo.

He said a bail out of over N600 billion was recently disbursed to state governments.

“One of the very critical issues discussed at the NEC meeting has to do with the issue of power. In line with the priority this administration place on power and the challenges currently being faced, NEC reconsidered the reconstitution of the Board of the Niger Delta Holding Company, to facilitate effective power distribution across the country.
The Board will now include one Governor from each of the six geo-political zones of the country. For the North Central Zone, we have Plateau state Governor, North-East will be represented by Adamawa state Governor, North-West, Kebbi, South-East, Anambra, South-West, Lagos and South-South, Edo,” he said.

Stimulating economy
Also addressing newsmen, Minister of Finance, Mrs Kemi Adeosun said Nigeria’s excess crude account currently has a balance of $2.3 billion, as she said government was committed to stimulating the economy, to make life better for Nigerians.

“I presented a report on the balance of the excess crude account which now stands at $2.3 billion. The second update given was on the constitution of a search committee for the Board of the Nigeria Sovereign Investment Authority. Nominating six people from the geo-political zones of the country, comprising four men and two women, who will search for Board members for the Authority,” She explained.

On the financial situation across the states of the Federation, Mrs Adeosun said currently the federation account receipts for February is the lowest so far in the history of Nigeria.

“The oil revenue for January and February are among the lowest in recent memory. For this month, we are looking at 299 billion and that is because of the fall in oil prices recorded in January and February, which went as low as between 28 and 31 dollars per barrel,” she said.

Finance Minister further explained that because of the bad situation, she made a request to President Mohammadu Buhari for a deferment of the loan deductions from their federation account entitlements, to enable them pay salaries, which he graciously approved.

She, however, said the deductions will be resumed, as soon as the financial condition of the country improves.

Road Safety
The Corps Marshall of the Federal Road Safety Commission, Mr Boboye Oyeyemi was also in attendance, as he presented the Nigeria Road Safety Strategy Document to the Council, which was approved.

The document serves to address current overlaps, streamline the role and responsibilities of all participants in order to maximize the benefits of investment in road safety management activities.