GENCOS kick against reversing privatisation
Written by MaryGift Sunday on June 8, 2020
Electricity generation companies have kicked against calls by the Senate for a reversal of the privatisation of the power sector.
The Gencos said that reversing the privatisation of the sector was not the solution to the current status of the industry.
The Gencos declared that the indebtedness of the power sector to electricity producers had risen to about N1 trillion.
The Senate President, Ahmed Lawan, recently called for the reversal of the power sector privatisation, which according to him, had failed to deliver.
Although the Gencos empathised with Nigerians over the poor state of power supply, it noted that the current situation was adversely affecting its operations and jeopardising its investments.
The APGC said the situation had a very high potential to negatively impact the inflow of foreign direct investments to the country.
The Gencos explained that soon after the privatisation, it became obvious that key guidelines set by the Bureau of Public Enterprises and operators, as stipulated in the governing contract, had still not been activated.