Tinubu Proposes Grid Management Company, Civil Servant Benefits

During the Federal Executive Council (FEC) meeting on Wednesday, October 25, 2023, President Bola Tinubu proposed the creation of a Grid Asset Management Company aimed at resolving persistent issues in Nigeria's power sector. Minister Mohammed Idris explained that the initiative would involve a multi-ministerial committee overseeing the process, which includes the Ministries of Power, State for Power, Works, Finance, and Legal Services.

The goal is to develop a regulatory framework to stabilize the power sector and attract investment. Additionally, the council approved a new exit benefit scheme for retiring civil servants, ensuring they receive 100% of their total emoluments from the Treasury Fund.

This decision aligns with Section 4 of the Pension Reform Act 2014, aimed at enhancing the efficiency of the civil service. The meeting also addressed infrastructure projects, including road and bridge initiatives to improve transportation links across the country.