The Senate on Thursday expressed dissatisfaction with the performance of Nigeria’s electricity Distribution Companies (Discos) and the Transmission Company of Nigeria (TCN), since the privatization of the power sector.
The upper chamber described the privatization of the power sector as a failure, while threatening to initiate legislative measures, to reverse the policy.
This was made when the Chairman of the Senate Committee on Power, Senator Eyinnaya Abaribe, submitted his report for consideration.
During the debate, he noted that the Discos have largely failed to deliver reliable electricity to Nigerians. This sparked concerns about the effectiveness of the 2013 privatization program, which aimed to improve power supply through private sector involvement.
In his report presentation, Abaribe highlighted the financial losses incurred each time the grid collapses.
According to him, restarting a power plant costs approximately $7.5 million. With three plants in operation, the total cost per grid collapse amounts to $25 million.
The Senate engaged in an intense debate over the persistent collapse of the national grid and inefficiencies in Nigeria’s power sector, with senators expressing deep frustration over the state of the country’s electricity distribution and privatization policies.
On his part, Senate President, Godswill Akpabio, criticized the privatization of the power sector, questioning its efficiency.
