Under Buhari's Govt: My Ministry Have Employed 193,469 Nigerians - Fashola
Fashola disclosed this on Tuesday in Abuja at the Town Hall Meeting to celebrate the mid-term of President Buhari’s implementation of the economy recovery and road plan.
According to him, the construction of roads, power project, housing project and macro impact on jobs “is gradually increasing the purchasing power and money in the economy”.
Fashola also stated that the Nigerian Electricity Regulatory Commission (NERC) wants the accounts and revenues generated by the 11 electricity distribution companies (Discos) to be centralised to protect the power sector from collapsing.
He explained that the Discos were opposed to the move despite their prior agreements with the Central Bank of Nigeria (CBN) before they got loans from the apex bank to support their operations and capacity upgrades at very low interest rates.
The minister lamented that the discos had similarly failed overtime to honour agreements reached with the Nigerian Bulk Electricity Trading Plc (NBET) to provide letters of guarantee for future payments for energy sold to them by the NBET.
Fashola said: “Any right-thinking person will accept the principle that any person lending you money must have the right to know what you are doing with the money especially when under collection and under-payment has been a major feature of many Disco performances.
“As far as the regulation on your procurement is concerned, what the public needs to know, which your statement was silent on, is that you are entitled to fully recover your costs and investment by law and this is the function of how tariffs calculated.
”Since government holds 40 per cent of the shares of Discos on behalf of states and local governments and the Nigerian people, it has a duty to ensure that you buy parts and other equipment at reasonable and competitive market prices and not through inflated contracts to relatives as we have seen in some Discos in respect of which NERC will take action in due course and sanction those who are involved”.