Friday, December 4, 2020

FG targets N437bn from IPP sale, N100m from stadia concession

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The Federal Government has concluded plans to sell its Integrated power plants in Geregu, Omotosho and Calabar at N434bn in 2021.

It has also concluded concession arrangements for the National Art Theatre, Tafawa Balewa Square and all the River Basin Development Authorities from which it targets N836m.

Necessary concession plans have also been concluded for the National Stadium in Lagos, the Moshood Abiola Stadium, Abuja, and two others for which it is targeting N100m.

Information on the planned sales and concession of the national assets was contained in a document presented by the Bureau of Public Enterprises to the Senate last week.

The Director General of BPE, Alex Okoh, presented the documents to the Senate Committee on Privatisation and Commercialisation during the 2021 budget defence sessions.

The breakdown of the planned assets sale indicated that the Geregu power plant constructed at the cost $10bn would be sold for N140.7bn, The Omotosho Power Plant would be sold for N151.4bn while that of Calabar would be sold for N143.4bn.