FG pumps N1.7tn into privatised power companies

Despite privatising the power sector, the Federal Government has spent over N1.7tn on the sector in the last three years, an interim report submitted to the National Economic Council indicated on Thursday.

The Governor of Kaduna State, Nasir el-Rufai, chairs a Committee of NEC mandated to investigate the ownership structure of power distribution companies in the country.

The governor had briefed an expanded session of NEC comprising state governors, ministers and other stakeholders on the preliminary findings of the committee.

He said after meeting for five times, the committee found that the problems of the power sector were enormous and required declaring a “national emergency” to find solutions.

Speaking with State House correspondents after the meeting, which was presided over by Vice-President Yemi Osinbajo, the governor said in the last three years alone, N1.7tn of public funds had been pumped into a privatised sector.

 “That is certainly not privatisation,” he stated.

According to him, the various stakeholders the committee met with admitted that there were problems because Nigerians had really not enjoyed improved power supply.

He said, “The full report will be ready soon, hopefully in February. The power sector is complicated and requires enormous time to really go to the root of the problems.

“Nigeria will go nowhere unless we have stable power. Right now, we shall invite members of the general public to also give their views by sending in memoranda to the committee. The owners of the power companies too, we will get their views.

SOURCE: punhng.com