The Federal government of Nigeria has concluded the takeover of four electricity distribution companies and constituted the board of the Nigerian Electricity Liability Management Company( NELMCO).
On Friday, Vice President Yemi Osibanjo said the newly constituted board of the Nigerian electricity liability management company, would maximize efforts to resolve the liabilities relating to tariff shortfalls for power distribution companies nationwide.
In a statement signed by his Senior Special Assistant on Media and Publicity, Laolu Akande, Osibanjo the assertion in virtually at the inauguration of the new board members.
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The statement titled ‘FG moves to resolve tariff shortfalls in the power sector as Osinbajo inaugurates Nigeria electricity liability management company’s board.’
The Vice President also admonished the board which is made up of Ministers of Finance, Power, and others to put into consideration the interest of the people, especially those on the grass root.
Until this inauguration, NELMCO has been working without a duly constituted board since the first board which was created in 2013 and later dissolved.
VP Yemi Osibanjo stated; “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.”