Nigeria’s slumbering power sector awaits Tinubu’s ‘magic’

• Seven Million Customers Billed Arbitrarily Without Meters• No Gas To Power Plants Despite 209 Trillion Cubic Feet ReservesWith a politician as a minister in a sector that appears to have defied efforts of the best brains, and linked to a spiritual battle by one of the known star boys in the previous administration, Babatunde Fashola, there are indications that the nation’s electricity sector would be business as usual, if not worse under the Tinubu government.

Without concrete policy direction that would have given life to a recent law that would enable the generation and distribution of electricity by states and other investors, power generation, yesterday, stood at 4,500 megawatts, while only about 3,500 megawatts are being wheeled to end-users. While they were expected to invest N465 billion, they only invested N258 billion with the bulk of the investment happening only in 2021 primarily because of the Central Bank of Nigeria’s loan to the utility companies.

“Matching words with deeds has not been easy for nearly every minister of power since the time of Bola Ige,” the professor emeritus stated, adding that decentralisation of the power sector is the key to resolving the perennial non-performance. In November , the Federal Government will have the opportunity to review the power sector and correct anomalies that have hindered the gains of privatisation.

Olubiyo said that although the current administration may have good intentions to address niggling issues in the power sector, there are no clear signals on how the reform would be carried out. He insisted that a review of the power sector remained sacrosanct, adding that there is a need for non-performing entities in the sector to be evicted.

Stressing that the new Electricity Act is long overdue, Ojoko, expressed the belief that it may take about five years for the country to feel the effects of the legislation if the right steps are taken by all stakeholders.

Source: News Formal (newsformal.com)

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