Senate c’ttee urges BPE to review budget structure

Joseph Inokotong, Abuja

The Senate Committee on Privatization has called for the review of the Bureau of Public Enterprises (BPE) budgeting structure to reflect cost of transactions.

Vice Chairman of the committee, Senator Yahaya Abdullahi made this known during the BPE’s 2019 budget presentation at the National Assembly on Monday.

He noted that since the funds generated by the bureau annually are remitted wholly into federal government’s coffers, the government should adequately fund the bureau’s activities in general and the cost of the transactions which generate the revenue in particular.

The senator said that President Muhammadu Buhari was determined to leave a lasting legacy in the economic development of the country through the power sector.

He explained that reviewing BPE’s budgeting structure to ensure that provisions for transaction costs are made in the bureau’s budget would ensure a more efficient privatization process to reflect the President’s economic plans.

In a statement from the Head, Public Communications, BPE, Amina Tukur Othman, Sen. Abdullahi pledged the committee’s unwavering support to the success of privatization in the country, stressing that achieving the President’s economic plans requires a joint effort between the committee and the bureau.

Consequently, he advised the 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.

Director General BPE, Mr. Alex Okoh acknowledged the committee’s support which in the last four years, led to the successes recorded in the privatization 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-privatization of Yola Electricity Distribution Company, privatization of Afam Electricity Generation Company (Afam Power Plc & Afam Three Fast Power Limited) and the 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.