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General News of Monday, 26 September 2022

Source: www.nairametrics.com

Privatisation: FG says not selling TCN

Transmission Company of Nigeria (TCN) Transmission Company of Nigeria (TCN)

The Nigerian Government has stated once again that the Transmission Company of Nigeria (TCN) is not for sale.

This was disclosed by the Bureau of Public Enterprises (BPE) in a statement on Sunday evening,

This comes as the BPE had mentioned it plans to revive ailing government owned enterprises last month.

What they said:

Reacting to news the FG was putting TCN up for sale, they stated that it is completely false in all its ramifications.

“The story is a mere fabrication by mischief makers aimed at creating room for another needless strike by electricity workers.

“The actions of the Federal Government in the power sector are guided by well-articulated policy documents and extant legislations’’.

They added that FG approved the Nigerian Electric Power Policy document in 2001 which led to the enactment of the Nigerian Electricity Power Sector Reform Act (EPSRA) 2005, and roadmap for the reform of the power sector in 2010.

BPE added that Government had not changed its policy nor amended the EPSRA as it relates to the TCN.

“None of these documents envisaged the privatisation of the TCN. This was why a Management Contract was put in place to reorganise and optimise TCN’s operations during the 2013 privatisation exercise,’’ they said.

He added that the Federal Government had not changed its policy nor amended the EPSRA as it relates to the TCN.

What you should know

Nairametrics also reported last year that BPE said revealed that there is no plan to privatise the Transmission Company of Nigeria (TCN).

They said Government is not thinking of privatising, it is thinking of ways and means that the private capital can be brought into the transmission component without giving out the ownership of Transmission Company.

FG last month The Federal Government announced that it has successfully completed the takeover of struggling distribution companies, including Kaduna, Kano, Ibadan and Port Harcourt DISCOs.

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