Business

Senate wants private sector to operate Nigeria railways

The upper legislative chamber of the National Assembly on Wednesday initiated moves to unbundle the Nigeria Railways Corporation (NRC).

Specifically, the senate hopes to set up an agency through the act of parliament which would be saddled with the responsibility of managing the NRC.

The bill if passed divests government control as regulator of the sector.

Besides, the bill favours the creation of the National Railway Authority, the Independent Railway Regulatory Commission and the Railway Operators’ scheme.

Tagged: ‘Review of the Nigerian Railway Corporation Repeal and Re-Enactment Bill,’ the proposed legislation restricts the Ministry of Transportation to policy making, while the National Railway Authority is to manage the infrastructure, pending the establishment of National Transport Commission.

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The Railway Regulator, the bill says, would be charged with the functions of economic and safety regulation of the sector while the private sector railway operators would have the primary function of providing railway services through concessions.

To achieve the objectives, the Senate Committee on Land Transport, composed a technical committee made up of engineers in the private sector to review the existing NRC Act and come up with modalities that would enhance efficiency in the sector.

The 14-member technical committee chaired by Mr. Chris Okoye, submitted its report to the Senate leadership on Wednesday.

Senate President, Abubakar Bukola Saraki, who received the report from the Chairman, Senate Committee on Land Transport, Senator Gbenga Ashafa, said the reform of the country’s railways system is important to the much needed economic revival of the country.

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

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