FG to sell Geregu, Omotosho, Calabar power plants for N434bn next year

By Henry Umoru, Abuja

The Federal Government has concluded arrangements to sell Geregu, Omotosho and Calabar power plants for N434 billion next year.

The government has also concluded plans to concession the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium and Adokiye Amiesimaka stadium in Port Harcourt for N100 million next year.

Also the government will in 2021, concession the National Art Theatre, Tafawa Balewa Square and all the River Basin Development Authorities to the tune of N836 million. The arrangements by the Government are contained in a document submited tby the Bureau of Public Enterprises, BPE to the Senate during the 2021 budget defence in Abuja.

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According to the breakdown, Geregu power plant, which it was learnt was contructed at the cost $10 billion, would be sold for N140.7 billion, Omotosho Power Plant will go for M151.4 billion and Calabar to be sold for N143.4 billion.

back link building services=0></a></div><p>The government explained in the document that the proceed from the three power plants will be paid into Niger Delta Power Holding Company (NDPHC)</p><p>The breakdown further showed that the National Art Theatre will be concessioned for N200 million; Tafawa Balewa Square will be concessioned for N436 million and all the River Basin Development Authorities will go for N200 million.</p><p>Meanwhile, the BPE has been summoned to appear before the Senator Theodore Orji, Peoples Democratic Party, PDP, Abia Central led Senate Committee on Privatization and Commercialization to throw more light on the details and its revenue projection in 2021, which consists of sales of Power Plants and concession of government owned properties.</p><h2>ALSO READ: <span><strong><a href=https://www.vanguardngr.com/2020/11/world-diabetes-day-nas-takes-testing-to-old-peoples-home-in-calabar/ target=_blank rel=

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The Committee has also demanded an investigation into the sale of some of the federal government’s shares in the Afam and Geregu Power plants to ensure that the country is not short changed in the transaction.