•N564.232m okayed for power equipment procurement
The Federal Executive Council (FEC) yesterday approved N9.24 billion for the 2022/2023 Group Life Insurance Cover for Nigeria’s public servants.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, announced this while addressing State House correspondents after the week’s council meeting, which was presided over by Vice President Yemi Osinbajo at the Presidential Villa in Abuja.
Mrs. Ahmed, who said the Head of the Civil Service of the Federation, Dr. Folashade Yemi-Esan, presented the memorandum, added that the insurance is meant to cover all government officials.
“As you know, the insurance will take effect from the date of payment and in Nigeria, by our laws, the insurance cover is 30 per cent of the annual emolument of any government worker who is deceased, and this cover is paid by the insurance company to the beneficiaries of the deceased worker,” she said.
She also said the council approved a N689,722,681 contract for the design, construction and supply of nine ballistic riverine assault boats, as well as nine patrol boats, with all associated accessories, for Nigeria Customs Service (NCS) operations.
Also, Power Minister Abubakar Aliyu said council approved a N564.232 million contract for the procurement of 20 high-tech transformer analysers for the Transmission Company of Nigeria (TCN).
He said the contract was awarded to Segulu Stembak Global Services Limited with 7.5 per cent VAT and a delivery period of four months.
While responding to other issues on the Power sector, Aliyu alluded to a recent decision of the Federal Government to allow lenders to take over ownership of six power distribution companies (DisCos) and how the current administration would be leaving 22,000 megawatts (MW) of electricity when leaving office next year.
On the power capacity being generated, the minister said the country currently has 13,000 MW of installed capacity, which is on the national grid.
He added that there were other generated capacities, including the captive and the embedded capacities, all of which aggregated to about 22,000 MW generated capacity.
On the restructuring of the DisCos, Aliyu said: “What I am aware of is that we have restructured the DisCos, and that means we have allowed lenders to take over, mostly the banks that gave the 60 per cent to the investors, to retake the 60 per cent stakes. We restructured one in December and, subsequently, in the middle of this year, we restructured five, which I have explained to you here.
“But the banks are only allowed to keep this 60 per cent for between six months and one year, within which to sell to a competent utility company because banks are not in the business of electricity. So, this is what I know, as far as I’m concerned.
“First, we restructured Abuja (DisCos) in December. Then, in the middle of this year, five followed: Kano, Kaduna, Ibadan, Port Harcourt and Benin.”
Also, the Minister of State for Budget and National Planning, Clement Agba, announced that the ministry presented a memorandum for the revised National Social Protection Policy, which he said was approved.
“Council approved the revised National Social Protection Policy 2021 to 2025. This revised National Social Protection Policy is an offshoot of a previous policy that was implemented from 2017 to 2020.
“The review was carried out in collaboration with all relevant ministries departments and agencies at both the federal and state levels, as well as other key stakeholders, including development partners.
“Recall that when the first policy was in place, there was no ministry like Humanitarian Affairs. Now, we have that ministry, and since its part of the review process to do this every four years, the review had to be done.
“In reviewing this policy, statewide consultations were embarked upon to harness and advise ideas from all stakeholders for the efficient and effective coordination of the policy. The National Social Protection Council is to be set up, to be chaired by His Excellency, the Vice President, with the secretariat domiciled in the Ministry of Finance, Budget and National Planning.
“The ministers of Labour and Employment and then the Minister of Humanitarian Affairs, Disaster Management and Social Development will serve as Vice Chairs of that council. Also, there’s going to be a technical working group, which will be co-chaired by those two ministers,” he said.