In a move to strengthen the reforms taking place in the power sector, Finance Minister, Ngozi Okonjo-Iweala has been named as the head of Nigeria’s Bulk Electricity Trading Company. The appointment was announced by President Goodluck Jonathan at the inauguration of the board on Tuesday.
Speaking at the inauguration ceremony which was held at the Presidential Villa, President Jonathan expressed his regrets over the situation which makes power distribution companies find it very difficult enough revenue from their customers to pay for the service they receive from power generating companies. He disclosed that potential investors are scared of putting in their resources because they are not sure that if they supply power, they will receive payment.
The Okonjo-Iweala led board has been given the mandate of serving as a bulk board against potential payment default by power distribution companies.
President Jonathan also disclosed that his administration has “placed a premium on on delivering more electricity per capita to people and businesses in Nigeria and also ensuring that the power generated is faithfully transmitted, distributed and paid for.”