President Bola Tinubu has proposed the creation of a Grid Asset Management Company (GAMCO) to improve the country’s electricity transmission system and address ongoing power supply challenges.
The Minister of Information and National Orientation, Mohammed Idris, announced this after the Federal Executive Council (FEC) meeting held on Wednesday at the State House in Abuja and chaired by the president.
According to him, the proposal came directly from President Tinubu through a memorandum submitted to the council for consideration.
Idris explained that the initiative is intended to tackle the persistent issues affecting electricity supply, particularly within the transmission segment of the power sector.
He noted that since the deregulation of Nigeria’s power industry, the sector has been divided into three main areas: generation, transmission, and distribution. However, the president believes the most significant challenge lies within the transmission network.
Following deliberations, the FEC approved the formation of an inter-ministerial committee to develop the operational framework for the proposed Grid Asset Management Company.
The committee will include the Ministers of Power, State for Gas, Works, Finance, and Science and Technology, alongside the Chairman of the Nigerian Revenue Service and the Attorney-General of the Federation. Their task will be to examine regulatory, legal, and investment matters, including the interests of existing investors and operators.
Any recommendations requiring legislation will be forwarded to the National Assembly for approval.
Idris added that President Tinubu believes fixing the power sector is essential for Nigeria’s industrial development, which is why the government is exploring the establishment of GAMCO.
In a separate decision, the Federal Executive Council also approved an additional exit benefit package for retiring civil servants under the Contributory Pension Scheme. Eligible retirees in treasury-funded Ministries, Departments, and Agencies may now receive up to 100 percent of their total emoluments, in accordance with the Pension Reform Act.
The minister said the move is intended to improve morale and enhance efficiency within the civil service.
