President Bola Tinubu has set up plans to establish a Grid Asset Management Company (GAMCO) to address persistent electricity challenges in Nigeria, focusing on the transmission segment of the power sector.
Minister of Information and National Orientation Mohammed Idris told State House correspondents on Wednesday that the proposal was presented by the President to the Federal Executive Council (FEC) for deliberation.
Idris claims that the proposed Grid Asset Management Company’s objective is to manage and enhance the country’s electrical grid in order to improve power delivery nationwide.
“You recall that since the deregulation of the power sector, the sector is divided into three categories: generation, transmission and distribution,” Idris said.
“The President has seen that where the problem is mainly in our quest to solve the power problem is largely in the transmission section.”
The FEC approved the formation of an inter-ministerial committee to develop the operational framework for GAMCO.
Members include the Ministers of Power, State for Gas, Works, Finance, Science and Technology; the Attorney-General of the Federation; and the Chairman of the Nigerian Revenue Service.
If more stakeholders are required, the committee may co-opt them.
“All the enabling parameters will be looked at, the laws will be examined, and those who are practising in that sector and those who have invested in that sector will also have their level of investment considered,” he said. Newscentral