.As Tinubu vows to tackle insecurity, sanitise economy
CHIGOZIE AMADI
The Federal Government says it needs 10 billion dollars Public Private-Partnership investment in the power sector, in the next five to 10 years, to achieve 24 hours power supply.
The Minister of Power, Mr. Adebayo Adelabu disclosed this when the Director-General, Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh paid him a courtesy visit.
A statement on the visit was made available to the News Agency of Nigeria (NAN) on Wednesday in Abuja, by Mr Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC.
In the statement, Adelabu said that the government alone, could not afford the 10 billion dollars, when there were other critical sectors in need of funding.
“Government cannot do it alone this is why we have to look for organised private sector funding, while still retaining government interest and ownership.
“That is where ICRC comes in. We need to do this in collaboration with the private sector and the best way is through concession,’’ he said
Earlier, Ewalefoh said it had become imperative to seek private sector input through Public Private Partnership to improve the power sector.
He said in view of the importance of power to the economic development of the nation, optimising the performance of existing infrastructure as well as funding new ones was imperative.
The ICRC boss said that the challenges in the sector were many and had gone beyond funding by the Federal Government alone.
According to him, with inter-agency collaboration and partnership with the private sector, the limitations could be addressed.
The D-G said that through its regulatory processes, the ICRC could midwife private sector investment to raise part of the 10 billion dollars needed in the sector to provide regular electricity.
He added that the ICRC could also attract more foreign direct investment to other sectors and ultimately grow the economy.
“Revamping the power sector requires planning, it involves investments and it takes time. So, we need to collaborate to solve the issues in this sector.
“The investment required in the power sector is very huge and government cannot fund it alone, so we have to leverage on the financing capacity of the private sector.
”That is why the ICRC was set up to regulate this leverage,” he said.
Ewalefoh commended the minister for his vast knowledge of the sector, noting that President Bola Tinubu ‘s decision on his choice was commendable.
He recalled that in a bid to accelerate PPP investment as directed by the President, the commission issued a 6-point policy direction which streamlined the process of PPP service delivery.
The D-G said that the commission was not relenting or compromising on its stringent regulatory function to forestall contingent liabilities or unnecessary delays by companies that lacked the requisite capacity.
.Tinubu vows to tackle insecurity, sanitise economy
The National Security Adviser (NSA), Malam Nuhu Ribadu, has warned that obstructing security under President Bola Tinubu’s administration will not be tolerated.
Ribadu made this statement at the Comptroller General of Customs (CGC) Conference in Abuja on Wednesday, emphasising the president’s determination to eliminate bandits, terrorists, and other security threats.
According to Ribadu, the government’s high-level strategies have led to the killing of hundreds of bandits daily, forcing many to flee to Chad.
“This prompted the Chadian president to declare war on them.
“We will secure this country, we will fix it, we are not jokers,” he said.
Ribadu assured that the government was working tirelessly to achieve a secure environment, which is crucial for the country’s development.
He cited the improved security situation in the Niger Delta region and the significant increase in crude oil production, which had reached 1.8 million barrels per day.
“Many parts of our country today are living in peace. Go to the Niger -Delta, things have changed.”
The NSA urged Nigerians to be patient with the current challenges, as the government’s policies were designed to sanitise the system and improve the economy.
He noted that the Central Bank was being reformed and that the Naira would be stabilised.
Ribadu also commended the achievements of the Nigeria Customs Service (NCS) and encouraged career officers to aspire to leadership positions, emphasising that opportunities for growth were now available to them.
The News Agency of Nigeria (NAN) reports that the conference, which began on Tuesday, is scheduled to end on Friday.
