SAN FRANCISCO, February 28, (THEWILL) – The National Economic Council (NEC) rose from its monthly meeting on Thursday with a resolution ordering a forensic audit of electricity distribution companies (Discos) since the privatisation of the power sector in 2013.
The move is coming barely a week after the federal government had threatened the Discos to improve on their performance or lose their licences.
Briefing State House reporters in Abuja after the NEC meeting, presided over by Vice President Yemi Osinbajo, the Deputy Governor of Edo State, Mr. Philip Shaibu, said the resolution followed the submission of a report by the NEC Committee on Power, chaired by the Governor of Kaduna State, Malam Nasir el-Rufai.
In January, el-Rufai had said the federal government spent N1.7 trillion on electricity in the past three years without any significant result.
“NEC also received an update on the review of the status of ownership structure of electricity power distributing companies. The Kaduna state governor briefed NEC on the progress so far made and responses so far received from general public,” Shaibu said.
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“He (El-Rufai) also told NEC that they will be carrying out forensic audit of all bank accounts of DisCos and also that the state governments to provide details of their investment of DisCos.
“One of the reasons the committee asked for additional two months was to deal with two other issues that arose during NEC.
“You all know that the issue of privatization is still questionable but nonetheless, the federal government and governors feel we should not lament. What we should do is to look for solutions. Because if government lament the populace will definitely lose hope.
“So they need the additional two months so that when they are reporting to council it will be wholistic so that one council decision will be made that will deal with the issue of the DisCos.”
Also speaking on the development, David Umahi, governor of Ebonyi state, said the DisCos have made no significant investment in the power sector since 2013.
“I think the federal government is trying to take the bull by the horn by trying to find out what investments these DisCos made towards this privatization,” the governor said.
“The first suspicion is that they have made no substantial investment and we will take it when we get all the solutions.”
