Bail out for DISCOs and matters arising
The Minister of Power, Works and Housing, Mr. Raji Fashola, recently disclosed that the Distribution Companies (DISCOs), needed N222 billion intervention in order to provide meters for Nigerians.
One of the conditions of Electricity Power Sector Reform Act (EPSR) 2005, was the provision of meters to customers within 24 months or so. The first intervention by the present government was in February 2015, when the CBN gave loans to the GENCOs and DISCOs. The apex bank disbursed a total sum of N182.6 billion to Nigerian Electricity Market Stabilization Fund (NEMSF). And barely some days later, it gave another sum of N39.53 billion to the second batch of the beneficiaries. These are interventions from the apex bank since this administration came to power in 2015. Now, my question is: “is it logical, legal and acceptable norm to sell a company to someone and later give the person money to help run the company? When has the CBN become a Father Christmas? Meanwhile, the same CBN has not deemed it fit to give loan to pay the former hardworking, patriotic and forcefully disengaged staff of PHCN. What a double standard indeed!
The former President Goodluck Jonathan, with due respect, and his PDP sold the company at a giveaway price for reasons best known to them, the Present APC government is keeping mute, I hope all is well?
It may interest fellow Nigerian to note that for almost 18 years of our democratic experiment, over N11.5 trillion has been expended so far from the public treasury to the power sector to no avail. During the regime of former President Olusegun Obasanjo, a total sum of US $16 billion was spent, when President Jonathan came to power, there was another $11 billion and $10 billion in that order. The monies spent so far in the power sector would have given us something close to 50,000 mega watts of electricity. Someone should help me do the arithmetic of the money spent so far and convince me as an engineer, why we cannot achieve over 50,000 MW.
Prominent Nigerians, including the business mogul, Aliko Dangote, Former Vice President, Atiku Abubakar, Senate President, Bukola Saraki, Speaker Yakubu Dogara and other concerned Nigerians have lent their voice the fraud called privatization.
With due respect and honour, it is high time our dear President, Muhamadu Buhari break his silence on the power sector ‘abrakadabra’. No nation has ever developed without adequate electricity, Nigeria cannot be an exception. No economist, no matter his or her intellectual and academic prowess can ever convince me that Nigeria can industrialize on a mere 4,000MW of electricity.
Finally, we are vehemently opposed to any more intervention to the DISCOs period! I hope the ‘powerful’ minister Fashola and CBN Governor Emefiele are listening. At least, this is people oriented government and we have spoken, and so shall it be. If the DISCOs cannot provide meters for Nigerians, let them declare ‘force-ma-jure’, just like they did for Yola Distribution Company, when they realized the company was not viable.
Lest I forget, let me use this opportunity to call on the Hon. Minister of Labour, Employment and Productivity, Dr. Chris Ngige (Onwa), to please kindly see reason to persuade the authority’s concerned pay the disengaged PHCN staff their entitlement as they are dying on daily basis. Most everyone go on strike in this country before he gets his legitimate entitlement? At least, they are not asking for the share of the national cake, but, their fundamental rights. The stoic nature of Nigerians has made our leaders to take us for granted for too long. U. S. Ladan (Snr), Jos, Plateau State