PRESIDENT Bola Tinubu has initiated plans for the establishment of a Grid Asset Management Company, GAMCO, as part of efforts to address Nigeria’s persistent electricity challenges, particularly in the transmission segment of the power sector.
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The Minister of Information and National Orientation, Mohammed Idris, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council, FEC, meeting presided over by the President.
Idris said the proposal was contained in a memorandum presented to the Council by President Tinubu himself for deliberation.
He explained that the initiative is aimed at strengthening the transmission component of Nigeria’s electricity value chain, which the government considers the most critical bottleneck in the country’s quest for stable power supply.
According to the minister, the power sector was unbundled following its deregulation into three segments, generation, transmission and distribution, but the transmission arm remains the weakest link in the system.
“You recall that since the deregulation of the power sector, the sector is divided into three categories: generation, transmission and distribution. The President has seen that where the problem is mainly in our quest to solve the power problem is largely in the transmission section”, Idris said.
He said the proposed Grid Asset Management Company is intended to manage and strengthen the national electricity grid in order to improve power delivery across the country.
To drive the initiative, the Federal Executive Council approved the establishment of an inter-ministerial committee that will work out the operational framework for the proposed company.
Members of the committee include the Minister of Power; Minister of State for Gas; Minister of Works; Minister of Finance; Chairman of the Nigerian Revenue Service; Minister of Science and Technology; and the Attorney-General of the Federation.
The committee may also co-opt other stakeholders as necessary.
Idris explained that the panel will examine all regulatory, legal and investment issues associated with the establishment of the new entity, including the interests of existing investors and operators within the sector.
“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.
He noted that the proposal remains a work in progress and that the committee’s recommendations would eventually be transmitted to the National Assembly for the necessary legislative backing where required.
The minister said the initiative forms part of the administration’s broader effort to consolidate ongoing economic reforms and accelerate Nigeria’s industrialisation.
He noted that the government believes fixing the power sector is critical to sustaining economic growth and improving productivity.
Idris also highlighted recent improvements in Nigeria’s macroeconomic indicators, including rising foreign reserves and easing inflation, which he said provide a stronger foundation for reforms in the energy sector.
“The President feels that for us to actually industrialise, the power sector must be fixed, and that is why he has taken this initiative of looking at how this Grid Asset Management Company will be set up to help solve the problem of power in this country,” he said.
Meanwhile, the Federal Executive Council also approved the implementation of an additional exit benefit scheme for retiring civil servants in treasury-funded ministries, departments and agencies under the contributory pension scheme.
Idris said the scheme will provide retiring employees with benefits of up to 100 per cent of their total emoluments in line with Section 4(4)(a) of the Pension Reform Act.
According to him, the measure is designed to improve efficiency and motivation within the civil service by strengthening the welfare framework for public servants approaching retirement.
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