The federal government has officially transferred operations of the Zungeru Hydroelectric Power Plant to the concessionaire, Penstock Limited.
This was disclosed Tuesday during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja.
The concession agreement was signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited.
Following approval by the National Council on Privatisation, the concessionaire fulfilled its obligation by paying 50 per cent of the commencement fees on January 5, 2024.
Speaking at the NCP meeting, Vice President Kashim Shettima the federal government would recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security.
He said the BOA plays a central role in achieving national food security, citing its extensive branch network across all senatorial districts in the country.
He expressed concern about the bank’s current practices, particularly its tendency to disburse unsustainable loans.
The vice president stated the need to align the BOA’s restructuring plans with the Green Imperative Project.
“For me, we can marry the Green Imperative Project while we are going to bring in assorted agricultural machinery. Every farmer should be given a tractor, harvester and other necessary machinery,” he said.
