Fashola Says FG Will Not Reverse PHCN Privatisation, Urges Patience for Process

Babatunde-Fashola

Speaking at the third edition of the annual National Council on Power (NACOP) in Jos, capital of Plateau State, the Minister of Power, Works, and Housing, Mr. Babatunde Fashola, said the repeated call for the cancellation of the PHCN privatisation was ill-advised, and that the country had made similar mistakes in the past with its refineries only to end up being worse off in terms of importation of petroleum products and expenses on petrol subsidy, THISDAYreports.

He said the only reasonable request to make of the government in this regard would be to continue to ask for an improvement in the sector, which he claimed the government was already doing through the Power Sector Recovery Programme (PSRP). According to the Bureau of Public Enterprises (BPE) which was responsible for the sales of the PHCN assets then, the country earned about $2 billion from the exercise, and at the same time paid about N118 billion to its workers as severance package.

He said if at all the federal government will ever heed the repeated call on it to revoke the privatisation of the generation and distribution companies of the defunct Power Holding Company of Nigeria (PHCN) it sold to private investors in 2013, it will also demand the refund of billions of naira paid out to over 20,000 workers of the PHCN from them. He also stated that four years of the power sector privatisation in operation was not enough to judge its success, adding that for over 60 years, the country’s power sector had remained quite inefficient and so cannot attain efficiency within four years of privatisation.

Source: Energy Mix

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