Skip to main content

Power generation to soon receive massive boost - ICRC

Mr Chidi Izuwah, the Director-General, Infrastructure Concession Regulatory Commission (ICRC) says power generation in the country will soon witness a massive boost.

A statement issued by the commission on Friday in Abuja, said Izuwah gave the assurance during a consultative visit by Mr Lamu Audu, the Managing Director, Mainstream Energy Solutions Limited.

Izuwah said that a multi stakeholder collaborative platform would be put in place to ensure that challenges in the sector were addressed on a sustainable basis.

He said that lack of new investments was one of the several bottlenecks inhibiting smooth operations in the sector.

The diector—-general urged the management of the company and other players in the power generation business to lay emphasis on capacity and energy charge.

‘‘All parties need to seek for solutions that work for government and at the same time support and encourage private investment in the economy,” he said.

Izuwah also pledged total commitment of the ICRC in ensuring that infrastructural transformation agenda of President Muhammadu Buhari, including the provision of stable power for Nigerians was realised.

Audu, speaking on the purpose of the visit said it was a follow up to a recent monitoring visit undertaken by a team from the ICRC to the company’s facilities in Jebba and Shiroro.

According to him, presently, the company generates the cheapest power in the country and is willing to make new investments including the development of an industrial cluster.

He added that installed capacity for the power plant was 1,338 Megawatts (MW) while available power stood at 922 MW and stranded power on the other hand stood at 250 MW.

Audu said the company was at the verge of signing a 96 MW deal at Jebba.

ALSO READ: Buhari welcomes investments from Japan Bank and Toyota

He, however, lamented that the operational environment was not conducive for further investment, putting the company’s outstanding receivable at N112 billion.

He sought a review of concession fees which was denominated in dollars instead of the local currency.

The News Agency of Nigeria (NAN) reports that ICRC was established to regulate Public Private Partnership (PPP) activities in Nigeria, to address physical infrastructure deficit which hampered economic development. 

ridoola.blogspot.com.ng
Labels:

Comments

Post a Comment

Popular posts from this blog

EFCC insists on presentation of Grace Tiaga's death certificate in P&ID case

Tiaga's counsel communicated the unavailability of the death certificate, requesting additional time. The Economic and Financial Crimes Commission (EFCC) is steadfast in its demand for the death certificate of the late Grace Tiaga, a former director of legal services at the Ministry of Petroleum Resources, to be submitted in court. Tiaga faced charges brought by the EFCC, alleging her involvement in receiving payments from Process & Industrial Development (P&ID) to manipulate the 20-year gas supply and processing agreement (GSPA) against Nigeria. The EFCC claims that these illicit payments were made through her daughter and persisted even after her retirement. The accusations extend to Tiaga's purported failure to adhere to due process while providing legal counsel on the GSPA. Initially facing eight counts of fraud, she was remanded to Suleja prison in 2019, later granted bail, and the charges were expanded to 13 counts. As the trial progressed, the prosecution p...
Post a Comment
Read more

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more