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Private Investors plus 400b Naira For Electricity

  1. Posted on Monday 15 March 2010 - 15:18
    tamsgogo
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    Many are doubting it but Nigeria Power Minster Mr. Lanre Babolola has stated that the Federal government can not meet the electricity need of the over 150 million population in the country without reforming the power sector and creating the environment for private sector investors to participate.

    The minister who was addressing a meeting of stakeholders and media executives at Abuja said the government had had sundry lingering debts and the sum required to restructure the Power Holding Company of Nigeria would cost about N400 billion to offload liability, and another N17 billion is needed for pension.
    “Almost all the companies that have enjoyed various grants from the government will share in this liability.”

    Mr. Babalola said that the Chief Executive Officers (CEO) of the 12 distribution zones of the PHCN countrywide will sign a performance contract from the beginning of next quarter as the reform is intended to create jobs for graduates in the core departments of the PHCN.

    He said a committee has been set up with rigorous talks going on between it and the Ministry of Finance on the matter.

    The people that have consistently opposed reforms do not like Nigerians. We are not going to be hindered by the labour unions. “We need these reforms to have light and anybody that stands in the way of this reforms stands in the way of light. Nigeria needs $5 billion annually for power to meet its goal of vision 2020, and investors could only come into the country if the sector is reformed. You can verify from anywhere in the world. To have 2, 000 megawatts (mw) per annum need between $3 and $5 billion. The country needs $2 billion for power generation, $1.5 billion for transmission, $1.5 billion for distribution annually for it to achieve vision 2020”

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