Zamfara govt. to sell its N24bn shares in NDPHC – Commissioner

Zamfara govt. to sell its N24bn shares in NDPHC – Commissioner

Tuesday, June 24, 2014 5:35 pm

Gusau – Zamfara Government on Tuesday said it had resolved to sell off its shares at the Niger Delta Power Holding Company (NDPHC) worth N24 billion.

The Commissioner for Information, Alhaji Ibrahim Birnin-Magaji, disclosed this in an interview with the News Agency of Nigeria (NAN) in Gusau.

He said that the state government’s decision to sell its share followed a resolution of the state’s Executive Council meeting held on Monday.

He explained that the amount realised from the mandatory deductions of the excess crude oil funds accrued to states and local government areas were invested in the NDPHC by the Federal Government.

The commissioner said that the amount covered a total of 19 million units of shares belonging to the state and its 14 local government areas.

According to him, the state government will use part of the money to address the short fall in the statutory revenue allocation to the state from the Federation account.

Birnin-Magaji said that part of the funds would be used in addressing the 2014 budget deficit as well as augment any other aspect of the budget.

He, however, said that the state government’s shares at the Mambila and Zungeru Hydro-Power Plants were intact and would not be affected by the resolution. (NAN)

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