Ben Murray-Bruce, the Chairman of the Senate Committee on Privatisation and Commercialisation has declared that in trying to address the challenges of the power sector, efforts must be made not to scare foreign investors.
Murray-Bruce said Nigeria in pursuing solutions for the power need to also be mindful of not scaring away foreign investors.
He made the remarks when the Senate Committee on Privatisation and Commercialisation paid an oversight visit to the Bureau of Public Enterprises (BPE) in Abuja.
According to him, Privatisation should not only be a welcome intervention but should also create jobs, wealth and build efficiencies.
Murray-Bruce extolled the cordial relationship between the Senate Committee and the BPE, adding that the Committee is aware that the BPE is cash-strapped. “We need to fund you so that you can do your work,” he explained.
Alex Okoh, the Director General of the Bureau of Public Enterprises, in his remark said that the Bureau has commenced a thorough review of the non-performing enterprises to ascertain the issues affecting their performances.
Okoh said the current initiatives of the BPE are poised to positively impact the economy in areas of power generation and supply, improvement in overall infrastructure, employment creation, food security and human capital development leading to overall economic growth.
He opine that the role of the Bureau is to assist in restructuring the public sector enterprises and services in a manner that will effect a new synergy between a leaner and more efficient government and a revitalized, efficient and service oriented private sector.
He explained that paucity of funds has caused serious setbacks to the attainment of some of the objectives of the BPE. According to him, “The treasury of the Federal Government is becoming leaner in view of competing demands and dwindling government revenues.”
The BPE boss rued the lack of credible partnership with donor agencies. “This is very key to successful closure of transactions, as witnessed during the early days of the privatisation and commercialisation program between 1999 and 2003,” he pointed out.
On the Senate team were the Vice Chairman of the Senate Committee on Privatisation, Abdullahi Yahaya and Shaaba Lafiaji, a member of the Committee.
KELECHI EWUZIE
