President Muhammadu Buhari has disclosed that his administration is facing the classic dilemma on the subject of power holding companies privatisation.
He also declared that epileptic power supply in the country is no longer a laughing matter.
President Buhari stated this yesterday in his address at the National Economic Council retreat on the economy at the State House Conference Centre, Presidential Villa, Abuja.
He lamented that the power sector has been privatised but has yet to show any improvement in the quality of service.
He also disclosed that his administration had given itself the target of generating 10,000 megawatts of power in the remaining three years of its tenure.
He said: “Nigerians’ favourite talking point and butt of jokes is the power situation in our country. But, ladies and gentlemen, it is no longer a laughing matter. We must and, by the grace of God, we will put things right.
“In the three years left for this administration, we have given ourselves the target of 10,000 megawatts distributable power. In 2016 alone, we intend to add 2,000 megawatts to the national grid.
“This sector has been privatised but has yet to show any improvement in the quality of service.”
Buhari listed the common public complaints as constant power cuts destroying economic activity and affecting quality of life; high electricity bills despite power cuts, and low supply of gas to power plants due to vandalisation by terrorists.
“Others are obsolete power distribution equipment such as transformers; power fluctuations, which damage manufacturing equipment and household appliances, and low voltage which cannot run industrial machinery.
“These are some of the problems which defied successive governments. In our determination to change, we must and will, insha Allah, put a stop to power shortages.”
Mentioning the key elements in the power matrix, he said, “We are facing the classic dilemma of privatisation – public interest versus profit motive. Having started, we must complete the process. But National Electricity Regulatory Commission (NERC), the regulatory authority, has a vital job to ensure consumers get value for money and that the over-all public interest is safeguarded.
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