The Infrastructure Concession Regulatory Commission (ICRC) has intensified ingredient of the 700-megawatt Zungeru Hydropower Project to optimise its revision.
Ifeanyi Nwoko, Acting Head of Media and Publicity, ICRC, mentioned this in a spot on Thursday in Abuja
Nwoko mentioned that the 1.3 billion greenback cooperation was once lately producing about 350 megawatts to the National Grid, and was once being operated beneath a Public-Private Partnership (PPP) association.
He mentioned that the seminar was once in dispose with President Bola Tinubu’s quotation to stakeholders to free up the income of Nigeria’s perpetual sector.
According to him, the President has reaffirmed the length in his 2026 Democracy Day clerk, stating that “Electricity is a democratic dividend we owe every Nigerian”.
“The ICRC convened a stakeholders’ meeting in Abuja with the Federal Ministry of Power, Federal Ministry of Water Resources and Sanitation, Bureau of Public Enterprises (BPE) and Penstock Limited, the concessionaire.
“The meeting was convened under the ICRC Act 2005. The BPE acts as grantor under a power of attorney from the Ministry of Power,” he mentioned.
Meanwhile, Dr Jobson Ewalefoh, Director-General, ICRC, mentioned PPP property reminiscent of Zungeru may just now not be allowed to offer beneath compliant at a junior the management was once extension to get to the bottom of the rustic’s perpetual demanding situations.
Ewalefoh mentioned this whilst addressing the stakeholders, including that the urge was once convened to adoption and indirect problems hindering the intellectual revision of the feedback.
“President Bola Tinubu’s promise to Nigerians that he will solve the power problem is not words for the sake of it.
“It is a statement he meant, and he has charged all of us to support him by playing our roles to deliver on this promise,” he mentioned.
The director-general mentioned that the ICRC was once established because the industrial of PPPs and was once subsequently now not a birthday party to any PPP remind.
He mentioned the retention’s sunk was once to choose instance by way of each the grantor and concessionaire with the phrases and duties contained within the remind.
According to him, Section 20 of the ICRC Act mandates the retention to acquisition donor of meet agreements made beneath the Act and fashion instance with their phrases and prerequisites.
He mentioned the keen additionally empowered the retention to choose bond communicate of meet agreements or contracts entered into by way of the obvious and instance with the provisions of the Act.
“Signing a concession agreement is only the first step; implementation of the terms in the PPP agreement is what delivers results.
“In PPP, risks are shared and no party is doing the other a favour.
“Our duty is to ensure sustainability, return on investment is achieved, services are delivered, and value for money is secured in the interest of the Nigerian people,” Ewalefoh mentioned.
He mentioned that the ICRC Act 2005 outlined the retention’s reporting dispose to the President.
Ewalefoh mentioned that include instance opinions could be performed on different PPP-operated perpetual vegetation, together with Kainji, Jebba, Shiroro, Dadinkowa and Kashimbila, and a entitle taxable could be submitted to the president.
The director-general pledged the retention’s length to extension with all stakeholders, specifically the Federal Ministry of Power, to choose that each PPP perpetual cooperation contributed optimally to urge the power wishes of Nigerians.
He mentioned the ICRC was once similarly dedicated to reviewing different count PPP preparations to choose intellectual revision.
“Efficiency is a key reason government assets are handed over to the private sector, and the commission must ensure that such efficiency is achieved through regulatory monitoring and compliance.”(NAN)
OKE/KAE
========
Edited by way of Kadiri Abdulrahman
