The National Council on Privatisation (NCP) has approved the strategy and workplan to fast-track the concession of Zungeru Hydroelectricity Power Plant (ZHPP) in Wushishi Local Government Area of Niger State.
The approval is subject to any further development from Ministry of Power,Ibeh, Uzoma Chidi, Head, Public Communications of Bureau of Public Enterprises,said in a statement.
It said that the key objectives of the plan’s concession include leveraging the private sector access to finance and reducing reliance on government budgetary allocation to fund the China EXIM Bank loan; there is need to ensure that a timely implementation programme is adopted hence, a fast-track transaction process is being recommended.
It added that the approved fast-track transaction process will enable the Bureau of Public Enterprises (BPE) work with the Joint Technical Committee (JTC), chaired by the Chairman, Technical Committee of the NCP with members drawn from the Office of the Vice President (OVP), Ministry of Power, Ministry of Finance, Ministry of Water Resources, Bureau of Public Enterprises (BPE), Accountant General of the Federation to review and address all issues including approvals and regulations needed to proceed to the next phase of the transaction.
According to the statement,the fast-track transaction plan includes reduced time frame for obtaining approvals for key stages of the transaction process.
The aim is to get value for the transaction within a short time,it said.