The Senate Committee on Power, Steel and Development Mr Enyinnaya Abaribe, has said the nation’s power firms are experiencing incredible difficulties that need to be addressed.
Abaribe stated this on Friday in Lagos on the sidelines of an oversight visit by the committee to Eko Electricity Distribution Company Plc.
He said one of the objectives of the visit was to find explanation of the issues in the nation’s power sector after the handover of the beneficiary companies.
Explanation of issues is very necessary for us to understand exactly what is going on,” he added.
The senator said there had been a narrative that “privatisation is a failure”, with suggestions from some persons that the government should take over the assets.
Now, why we are here is to be sure; if it (privatisation) is not working, why is it not working? Who is at fault? What are the things that are supposed to be done, and those are the answers that we have come to find out. Abaribe said.
He stated, “We are quite satisfied with what we have heard; we know that they are operating under incredible difficulties.
It is a regulated industry, which means that you cannot charge more than what the government says you should charge.
And so, if the government is selling to you at N100 and then tells you to charge at N50, you are already at a loss.
“That is what we want to let Nigerians know; that there are some things that are in this regulated industry, which we need to resolve and it is the resolution that has brought us here.”