Presidency speaks on ‘takeover of DisCos’

The presidency has reacted to reports that the Federal Government may “take over Distribution Companies (DisCos).”

Laolu Akande, Senior Special Assistant on Media to Vice President Yemi Osinbajo, clarified what the National Economic Council (NEC) discussed on DisCos.

A statement he signed on Friday read: “We have read some misleading media reports regarding the deliberations of the National Economic Council on the issue of the ownership of electricity Distribution Companies, DisCos, at its meeting yesterday.

“For the purposes of clarity and accurate records, the ONLY issue which came up for discussions at NEC yesterday was about the quantum of State governments’ interests, if any, in the 40% shares retained by the Nigerian Government in each of the DisCos at the point of privatization.

“A Committee was then constituted to review historical records and advise the Council accordingly.”

Meanwhile, the Senate has mandated its Committee on Power to, within four weeks, investigate the activities of power generating and distribution companies to unravel the cause of unsteady power supply in Nigeria.