This follows the adoption of a motion sponsored by Senator Albert Akpan (PDP, Akwa-Ibom Northeast) on the concession of rail lines with a potential of $2billion.
Akpan told the Senate that the Bureau of Public Enterprises (BPE), and the Nigeria Infrastructure Advisory Facility (NAIF) upon the approval of the National Council on Privatization (NPC) in April 2015, developed a roadmap for the concessioning of the rail lines.
He said the BPE had already engaged the Global Infrastructure Facility (GIF) and the World Bank in discussions on accessing funding for transactions Advisers, while the Ministry of Transport had formally appointed Africa Finance Corporation (AFC) and Greenwich as financial Advisers for the same purpose.
He said in August, this year, the Vice President, Professor Yemi Osinbajo inaugurated the steering and Technical committee in line with the provision of section 11(k) of the Public Enterprises (Privatisation and Commercialisation) Act 1999 to fast track the process of the concession of the rail lines.
“It is the responsibility of the steering and technical committees of the NPC inaugurated by the Vice president in August 2016 to negotiate with potential bidders for this concession, how then did the Ministry of Transport engage General Electric Company as far back as June, 2016,” he said.
He said the Ministry of Transport had violated the provisions of the Public Enterprises (Privatization and Commercialization) Act, 1999 by unilaterally engaging the General Electric (GE) for the concession.
The Deputy Senate President, Ike Ekweremadu, who presided over the plenary, mandated the Senate Committees on Privatization, Land Transport, Finance, Special Duties, Trade and Investment, Judiciary and Anti-Corruption and Financial Crimes to investigate the procedure adopted in the engagement of General Electric for the concession.
Meanwhile, the Senate has asked the Federal government to declare a state of emergency on unemployment. SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>