Buhari Govt To Sell Five Electricity Companies To Fund 2023 Budget (Full List)

The President Muhammadu Buhari-led government has revealed its plans to sell five electricity companies to fund the 2023 budget.

The announcement is coming six months after the Federal Government announced the restructuring of power distribution companies and the privatisation of five power projects.

According to Bloomberg, the Federal Government disclosed that the five electricity companies will be sold in the first quarter of 2023, adding that it will be used to fund the 2023 budget.

President Buhari in October presented a budget of N20.5 trillion for 2023, with N10.78 trillion not backed by revenue, leaving a budget deficit that is 4.8 per cent of the GDP.

The generating companies of Gencos listed for sale are the Geregu power plant, a 562-megawatt facility in Calabar, Cross River State, and the Olorunsogo power plant.

The Director-General of the Bureau of Public Enterprises, Alex Okoh on Thursday told Bloomberg that bids for the companies will start in December and end in March.

The affected power plants are part of the power projects that were shortlisted for privatisation in July.

In a similar development, the National Council on Privatization (NCP) has approved a governance framework for the development of a $3 billion plant in Makurdi, Benue State.

Vice President, Yemi Osinbajo gave the approval at the NCP meeting held at the presidential villa, in Abuja.

The plant is aimed at producing 1,650 megawatts of electricity.