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Politics Updated: May 19, 2024

APC chieftain calls for Tinubu's intervention in electricity sector

By Francis Ezediuno
May 19, 2024
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President Bola Tinubu has been called upon to recapitalise and nationalise the electricity sector for the economic growth and industrial development of the country.

The call was made by a chieftain of the All Progressives Congress, APC, Osita Okechukwu on Sunday.

Okechukwu, who stated this in an interview, described the privatisation of the electricity sector as a disaster, which according to him, only increased energy prices, job losses, factories closures.

The former Director General of the Voice of Nigeria, VON, revealed that the only valid option to save the sector and the country’s economy is to recapitalise and restructure it.

He urged President Tinubu to borrow a leaf from Albert Einstein’s maxim, that it would amount to insanity to continue expending public funds along profiteering “oligopolies” and hope to get commensurate electricity output.

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“Mr President, we are in an economic crisis like the UK after the 2nd World War, it took the Labour Party to strengthen their economy and nationalised fundamental industries like electricity and their electricity sector generated 30,000 megawatts in less than 20 years.

“Why can’t we recapitalise with $30 billion to generate 30,000 megawatts in less than 10 years under public ownership?

“Margaret Thatcher came in the 1980s and privatised and the cry for public ownership is back in the UK as neoliberal policies most times fuel poverty and throw thousands out of jobs,” Okechukwu said.

Okechukwu noted that when they warned then that the Peoples Democratic Party-led Federal Government was less transparent in the privatization process, where neither Foreign Direct Investment flowed in nor did foreign investors participate in the exercise, nobody listened.

He opined that the chickens had come home to roost; as the available financial records gazetted the billions the government poured in to bail out the stagnated DISCOs, the country could only generate less than 4,000 megawatts.

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When reminded that there was an improvement in the electricity supply contrary to his postulation, he disagreed vehemently saying that what happened was akin to April Fool.

“Are we not ashamed that after expending $16 billion on NIPP, and uncountable billions of dollars afterwards, 200 million people ration less than 4,000 megawatts of electricity?

“Mr President, please let’s muster the socioeconomic will and borrow $30 billion to generate 30,000 megawatts under public ownership in less than 10 years.

“It is my considered view that the loan will pay itself if Mr President nominates credible professionals with proven capacity in delivery and transparency to not only implement this grand national project but to carry out thorough studies to establish the investment requirements which holistically will fix the electricity chain.

“This is the solution provider that will expand the frontiers of the production spirit of Nigerians, hence economic resorgimento,” he advised.

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Francis Ezediuno

Francis Ezediuno is a journalist who is self thought on application of social media in news gatherin...

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