The Forum of Finance Commissioners of the Federation Accounts Allocation has expressed dissatisfaction over what it described as the poor performance of the privatized electricity distribution companies.
It also urged President Goodluck Jonathan to, as a matter of urgency, review the performance of the power firms with a view to improving on their power distribution capacities.
This was one of the high points of the over four-hour meeting held at the headquarters of the ministry of finance in Abuja.
The Chairman of the forum, Mr Timothy Odaah, said the committee was seriously concerned about the poor performance of the power firms despite various measures aimed at improving on power distribution and generation in the country.
He said, “We took the decision to let the minister of state finance to confer to the president the need for these electricity distribution companies to increase their performance because their performances in their respective states are nothing to write home about.
“The Federal Government is making great efforts to ensure there is electricity distribution but what we are seeing is not encouraging and this is not enough to energise the economy. These companies need to be directed by the President to do more.”
Odaah added that the committee demanded explanations from the Central Bank of Nigeria over the amount paid as exchange rate differentials into the federation account.
An exchange rate differential of N8.57bn was proposed to the committee for distribution among the three tiers of government.
But Odaah said the apex bank needed to provide details of how it arrived at the figure stating that this would form the basis upon which next month’s allocation would be considered and approved.
He said, “We questioned how the figure brought to us Tuesday was arrived at and we’ve asked the CBN to give us explanations on the date that the exchange rate took place because it is from there that we will know if what we have is in compliance with what was given us.
“However, it was resolved that they should go to the drawing board and find out and if the exchange rate differential is what would bear something into this month’s FAAC. This will be a condition for approving the next FAAC.”
On the forensic audit report and the $1.48bn to be refunded by the Nigerian National Petroleum Corporation to the federation account, he said corporation had yet to make the refund.
He said, “We had an issue with the $1.48bn that the audit report directed the NNPC to remit to federation account for utilisation.
“But when we got here, no statement was made about it and we are surprised about this and we have made it as a condition upon which the approval for next month’s FAAC would be based.”
Also commenting on the $1.48bn, the Minister of State for Finance, Amb Bashir Yuguda, said a time-frame for the repayment of the amount had been agreed on with the corporation.
“I have engaged the Minister of Petroleum and we have discussed the time-frame on the refund of that amount,” he added Click to signup for FREE news updates, latest information and hottest gists everyday
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