Uche Usim, Abuja
The need for adequate budgeting for the Bureau of Public Enterprises (BPE) to reflect transaction costs was a major topic for discussion between the Senate Committee on Privatisation and the Bureau in Abuja, Monday.
The Vice Chairman of the Committee, Senator Yahaya Abdullahi, who called for the budget review at the BPE’s 2019 budget presentation noted that since the funds generated by the Bureau annually are remitted wholly into the Federal Government’s coffers, government should adequately fund its activities in general as well as the cost of the transactions which generate such revenue.
He said President Muhammadu Buhari was determined to leave a lasting legacy in the economic development of the country through the power sector reform. He explained that reviewing BPE’s budgeting structure to ensure that provisions for transaction costs are made in its budget would ensure a more efficient privatisation process that reflects the President’s economic agenda.
Abdullahi pledged the Committee’s unwavering support towards the success of the privatisation programme in the country, stressing that achieving the President’s economic plans required a joint effort between the Committee and the Bureau. Consequently, he advised the Privatisation and Reforms agency to present before the Committee, an outline of the cost of transactions billed for 2019 for onward review with the Ministry of Budget and National Planning.
Earlier, the Director General of the BPE, Mr. Alex A. Okoh, acknowledged the Committee’s support which in the last four years, led to the successes recorded in the privatisation and economic development of the country.
He informed the Committee that for the 2109 fiscal year, the Bureau plans to carry out transactions in the power sector and these include; the re-privatisation of Yola Electricity Distribution Company, privatisation of Afam Electricity Generation Company (Afam Power Plc & Afam Three Fast Power Limited) and National Integrated Power Plants (NIPPs) for which an improved budget would ensure seamless transactions and greatly impact on the performance of the Bureau’s mandate.