President Bola Tinubu has initiated plans to establish a Grid Asset Management Company (GAMCO) to strengthen the transmission segment of the nation”s electricity value chain.

The minister of information and national orientation, Mohammed Idris, disclosed this after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu on Wednesday, at the State House, Abuja.

He said the proposal was contained in a memorandum presented to council by the president.

“The proposal was contained in a memorandum presented to the council by President Tinubu himself for deliberation”.

He noted that the initiative would address persistent electricity challenges, particularly in the transmission segment.

“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,” he noted.

Mr Idris said FEC approved the establishment of an inter-ministerial committee to work out the operational framework for GAMCO.

He said members would include the ministers of power, state for gas, works, finance, science and technology, the chairman of the Nigerian Revenue Service and the attorney-general of the federation.

He said the committee would examine regulatory, legal and investment issues, including the interests of existing investors and operators.

According to him, recommendations of the committee will be forwarded to the National Assembly where legislative action is required.

“The president feels that for us to actually industrialise, the power sector must be fixed.

“That is why he has taken this initiative of looking at how this Grid Asset Management Company will be set up,” he said.

The minister also disclosed that FEC approved an additional exit benefit package for retiring civil servants under the Contributory Pension Scheme.

He said eligible retirees in treasury-funded MDAs could receive up to 100 per cent of their total emoluments, in line with the Pension Reform Act.

Mr Idris added that the measure was aimed at boosting morale and efficiency within the civil service. 

(NAN)