FG won’t revoke privatisation of power sector, says Fashola

Babatunde Fashola, minister of power, works and housing, has questioned the call for the cancellation of the privatisation of the power sector.

Fashola, who spoke at a policy dialogue on the power sector, organised by the Lagos Chamber of Commerce and Industry (LCCI), said such move would send a negative message to investors.

He said the federal government remain committed to honouring the contract it entered into with local and foreign investors.

Fashola also emphasised the need for institutions at federal and state levels to implement extant laws, enunciate policies and take actions that would improve the country’s business confidence index.

“Our roles in this regard are well set out in the Electric Power Sector Reform Act 2005 pursuant to which the privatisation of the power sector took place,” Fashola said.

“Cancellation of the exercise will only send a negative message to prospective investors in the country’s power sector. If we revoke it, investors will leave the country and would even tell others that Nigeria is not a reliable destination for investment.”

Speaking on the democratisation of meter provision, Fashola said provision of meters was not a monopoly left entirely in the control of distribution companies (DisCos).

He said the Nigerian Electricity Regulation Commission (NERC) and Nigerian Electricity Management Service Agency (NEMSA) possessed supervisory mandates.