21st August, 2015
The National Economic Council (NEC) said on Thursday that power generation in Nigeria will reach 5,000 megawatts by December, noting that, the trend will continue to improve.
They said that Council learnt that power supply had increased by 29 per cent with a generation of 4,662 MW, adding that, the target was to reach 5,000 MW by December.
The council was unhappy that states and their agencies were in default of remittances for electricity consumption by about 45 per cent and urged those owing to pay up without delay.
The NEC also received the interim report of the Governor Adams Oshiomhole committee which reviewed the operations and management of the Excess Crude Account (ECA)/Federation Account and ratified the appointment of two international audit firms by the committee to conduct a forensic audit of the account from 2010 to 2015.
The governors said that the CBN governor had briefed the Council on the state of the economy and the exchange rate of the Naira with the observation that the declining oil price had put a drag on the foreign reserve.
They said that the new NNPC boss also gave council an insight into the ongoing reforms in the petroleum industry which covers aspects of performance management, transparency and accountability, proper focus in investment and zero tolerance to corruption.
The governors noted the effort put in the repair of the stranded hydro stations, and gas supply to thermal stations and urged states to assist in protecting gas pipelines against vandalism.