By Admin
The Bola Tinubu administration has approved plans to establish a Grid Asset Management Company (GAMCO) to improve the transmission segment of Nigeria’s electricity sector.
Minister of Information and National Orientation, Mohammed Idris, stated this after a Federal Executive Council (FEC) meeting in Abuja, noting that the proposal was presented by the president to address persistent transmission bottlenecks since the deregulation of the power sector.
FEC also approved the formation of an inter-ministerial committee, including the Ministers of Power, State for Gas, Works, Finance, Science and Technology, the Chairman of the Federal Inland Revenue Service, and the Attorney-General of the Federation, to develop the operational framework for GAMCO.
The committee will consider regulatory, legal, and investment issues and forward recommendations to the National Assembly of Nigeria where legislative action is needed.
The initiative is part of the administration’s broader agenda to stabilise power supply and drive industrialisation.
Separately, FEC approved an enhanced exit benefit package for retirees under the Contributory Pension Scheme, allowing eligible civil servants in treasury-funded MDAs to receive up to 100% of their total emoluments to boost morale and efficiency within the civil service.
