House Moves to Rescue Power Firm
From Kunle Akogun in Abuja THISDAY | Feb.12.2010

The House of Represen-tatives yesterday expressed concern over the haphazard funding of the Niger-Delta Power Holding Company Limited (NDPHC) and urged defaulting state governments to redeem their outstanding contributions to the company.

Passing a motion titled “Need to urgently remedy the default in the funding of the Niger Delta Power Holding Limited by state governments”, the House also urged the Federal Government to put in place a default proof procedure for the timely remittance of contributions subject to due process.

It further urged the respective state Houses of Assembly to employ their oversight responsibility in ensuring that their states do not default and to urgently clear all outstanding contributions in order to fast track the power projects under the NDPHC.

Moving the motion, Hon Aminu Waziri Tambuwal (PDP, Sokoto) noted that the NDPHC was established as a principal vehicle for the execution of power sector programmes of the government, adding that “the company is a commercial partnership willingly entered into by the federal government and all states of the federation”.

He however expressed concern that the projects being undertaken by the company that are targeted at achieving the milestone set for improvement in the power sector are being hampered by some states’ default in the remittance of their contributions to the company for the projects located in Edo, Ekiti, Ogun and Zamfara.

He noted that “such default will definitely translate into failure in achieving the established milestones for the power sector and consequently distort the development objectives of government”.
The motion, co-sponsored by six other lawmakers was seconded by Hon Lawal (PDP, Yobe). It was unanimously passed without any debate nor amendment.

Also yesterday, a Bill for an “Act to amend the Investment and Securities Act 2007 to provide for greater transparency and accountability in the Finances of SEC and to ensure greater legislative oversight” passed the second reading.

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