The Vice President of Nigeria, Prof. Yemi Osinbajo has disclosed that the Federal Government just concluded the takeover of four electricity distribution companies and has instituted the board of the Nigeria Electricity Liability Management Company(NELMCO). According to him, the board is to advance the resolution of all liabilities connected to tarrif shortfalls for power distribution companies across the nation.
A statement titled ‘FG moves to resolve tariff shortfalls in power sector as Osinbajo inaugurates Nigeria electricity liability management company’s board’, which was signed by his special assisitant on Media and Publicity, Laolu Akande,According to a statement signed by his Senior Special Assistant on Media and Publicity, Laolu Akande, Osinbajo said: “today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria. This ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO.”
The members of the board, which comprise of Ministers of Finance, Power, and others have been mandated by the carry out their duties with the people’s interest at heart.