Nigerians thought an end was finally in sight to the country’s power troubles when the federal government privatised the generation and distribion sections of the power industry, but the country’s power shortages still persist.
Vice-President, Professor Yemi Osinbajo knows why the privatisation has not yielded any fruits.
Speaking at the 10th Anniversary Lecture of Crescent University, Abeokuta, Ogun State, osinbajo alleged that dubious contracts awarded by past administrations have disrupted energy distribution in Nigeria.
According to him, despite investments worth several billions of dollars in power generation and distribution over the years by the government, businesses, Nigerians still suffer greatly on account of lack of power supply.
According to him, “unfaithfulness in awards of contract and execution of contracts being awarded are the major challenges. Several contracts in that regards have been awarded several years back, but have not been completed.
“What is being produced now is less than 3,000 MW. Our transmission grid today can only transmit 5,000 MW and we need to improve on transmission capacity to transmit enough power needed to stabilise economy. That is why the private investors have to increase capital investment in power sector,” Osinbajo said.
He therefore called for an overhaul of the sector in terms of generation and distribution if all efforts on power production must be achieved.