The Senate Committee on Privatisation has called for the review of the Bureau of Public Enterprises (BPE) budgeting structure to reflect cost of transactions. The Vice Chairman of the Committee, Senator Yahaya Abdullahi made this known during the BPE\u2019s 2019 budget presentation at the National Assembly, Abuja on Monday, April 1, 2019.<\/p>\n
He noted that since the funds generated by the Bureau annually are remitted wholly into the Federal Government\u2019s coffers, the government should adequately fund the Bureau\u2019s activities in general and the cost of the transactions which generate the revenue in particular.<\/p>\n
The Vice Chairman said that President Muhammad Buhari was determined to leave a lasting legacy in the economic development of the country through the power sector. He explained that reviewing BPE\u2019s budgeting structure to ensure that provisions for transaction costs are made in the Bureau\u2019s budget would ensure a more efficient privatisation process to reflect the President\u2019s economic plans.<\/p>\n
Abdullahi pledged the Committee\u2019s unwavering support to the success of privatisation in the country, stressing that achieving the President\u2019s 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.<\/p>\n
Earlier, the Director General of the BPE, Mr. Alex A. Okoh acknowledged the Committee\u2019s support which in the last four years, led to the successes recorded in the privatisation and economic development of the country.<\/p>\n
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 \u00a0Yola 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\u00a0 the performance of the Bureau\u2019s mandate.<\/p>\n
Okoh lamented the disproportion between funds released and amount budgeted and the attendant draw backs on the mandate of the Bureau. According to him; \u201cin 2018, N2, 009 billion was allocated to the Bureau but only N1, 3191 billion was released\u201d. Most of which was for recurrent personal expenditure.<\/p>\n
On internally generated revenue, the BPE boss stated that Bureau made contributions to the nation\u2019s treasury. According to him \u201c100% of the proceeds of privatisation is remitted to the Consolidated Revenue Fund (CFR) and BPE does not retain any of the proceeds\u201d.<\/p>\n
He maintained that the enhancement in BPE\u2019s budget would not only increase contributions to the nation\u2019s treasury, it would also boost economic development through privatisation.<\/p>\n
<\/p>\n
Amina\u00a0 Tukur Othman<\/strong><\/p>\n Head, Public Communications<\/em><\/p>\n April 1, 2019.<\/p>\n","protected":false},"excerpt":{"rendered":" The Senate Committee on Privatisation has called for the review of the Bureau of Public Enterprises (BPE) budgeting structure to reflect cost of transactions. The Vice Chairman of the Committee, Senator Yahaya Abdullahi made this known during the BPE\u2019s 2019…<\/p>\n","protected":false},"author":1,"featured_media":15288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n