President Muhammadu Buhari on Wednesday faulted the privatization of the power sector that was done under the administration of former President Goodluck Jonathan.
Buhari while speaking during an interview with Channels Television described the process as a “political favour” done to those closed to the administration at that time.
He said that those adjudged as winners of the privatization process in the power sector had no money to manage the Distribution Companies that emerged from the defunct Power Holding Company of Nigeria.
Although, electricity is considered a major determinant of economic development as access to electricity is expected to catalyse nations in the drive for industrialisation, Buhari said supply to homes and businesses remained dismal in Nigeria on the backdrop of a flawed privatisation exercise.
He said, “No country can develop without infrastructure, road and power and we are working in this govt very hard.
“Transmission Company of Nigeria is 100 per cent government but we inherited what we called DisCos and they were sold based on geopolitical zones.
“The people that own them who are they? They don’t have money, its just a political favour. To remove a system and reintroduce new one is no joke.
“There will be power if we can get our technology right and cut our costs on transmission and the likelihood of sabotage and so on.”
Averaging 4,500 megawatts in the past eight years, Nigerians have been looking forward to improved electricity supply and may continue to wait as inherent challenges may stall power generation.
While Nigeria had introduced a Service Based Tariff late 2020 on the promise that electricity supply would improve, the prevailing situation created a worse experience for consumers.
The DisCos have failed to inject the required funds to boost their working capital and lift the needed infrastructure for the nation’s power distribution network.
The DisCos have also been accused of diverting their bill revenues to personal vaults instead of settling their debts and improving their working capital.
They are said to be holding on to decaying assets, while they feed fat on their helpless consumers through the notorious estimated billing system.