A memorandum on all segments of the power industry in Nigeria has revealed that the GENCOS, DISCOS and the TCN will need up to N987.6b over the next five years before power can stabilise in the country. The power companies were handed over to their new owners since November 1, 2013 and yet the power situation has not improved in many parts of the country. The bulk of the money will go into replacing obsolete equipment.
This is coming after several promises of stable electricity by both the government and new owners. This does not augur well for the economy as there have been drops in the total amount of power generated. NIPPs are to be sold by the FG and the proceeds channelled to TCN to help improve capacity. At this point, I am beginning to wonder if solution is in sight for this perennial problem. Do you think the Federal Government is being honest with us when it comes to power improvements?
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