President Bola Tinubu has revealed that Nigeria’s power sector privatization had failed to meet its objectives, as the national grid was serving only about fifteen percent of the country’s electricity demand despite being privatized ten years ago.
Tinubu, who spoke during the Nigeria Electricity Supply Industry market participants and stakeholder roundtable that focused on privatization, also called for the recapitalization of power distribution companies.
Tinubu said preliminary analysis showed that the Discos were currently under-capitalized to close to two trillion naira, adding that Nigeria’s power tariffs should be rebased.
The President further stated that the reasons for the sector’s under-performance in the last decade were well known, including deep commercial, governance and operational issues that had beleaguered the sector.
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