The Federal Executive Council has approved the establishment of a Grid Asset Management Company to address Nigeria’s persistent power transmission challenges.
The Minister of Information and National Orientation, Mohammed Idris, announced the approval on Wednesday after the FEC meeting at the State House, Abuja. He described the initiative as crucial to fixing the country’s power problems “once and for all.”
“The President has seen that in our quest to solve the power sector challenges, the main problem is largely in the transmission section. Therefore, Mr President came with a bill mulling the idea of setting up what is called the Grid Asset Management Company, GAMCO,” Idris stated.
He disclosed that a committee has been constituted to ensure the seamless establishment of the company, comprising the Ministers of Power, State for Gas, Works, Finance, Science and Technology, the Chairman of the Federal Inland Revenue Service, the Secretary to the Government of the Federation, and other co-opted members.
The minister emphasised that the committee would examine all regulatory issues, existing laws, and investments by current operators in the transmission sector before presenting recommendations to the National Assembly for necessary legislation.
