Chairman of
the Egbin Power Plc, Kola Adesina, has called on the Federal Government and
operators in the power sector to address the challenges currently facing the
power sector.
Adesina, who
attributed the problems to ‘misalignment of vision, policies as well as
non-consultation and inclusion of operators and stakeholders before a policy is
implemented,’ added that it was impossible for every Nigerian to be metered.
Speaking at
the maiden Power Sector Roundtable organised by Sahara Power Group Ltd in
Lagos, Adesina, stated that electricity was a global product which should be
provided to all.
He said:
“There is a misalignment of vision, policies, and strategies in the power
sector. Whereas, you find an organisation like Egbin, which is willing to
succeed and give more to the system, but being faced with transmission and gas
supply problems. In such situation, can there be a break-even point for a power
plant like Egbin? It’s at a loss to us.”
He
explained: “When I hear an argument about metering, I wonder. I wonder because
we argued about what should come last to come first. Estimated billing is a
universal phenomenon; it is not a Nigerian thing.
“Everyone
should not assume that it is only in Nigeria that you don’t have meters. It is
definitely and certainly impossible for the universe as we have it today to be
metered. That’s the reality.
“Interestingly,
what I have put forward as to why we are where we are, is the lack of trust.
There’s nothing else but trust. These infrastructure do not do anything but to
calibrate usage.
“Government
with a huge budget at its beck and call could not meter 30 per cent of
Nigerians in 53 years, now suddenly, five years down the line, we expect magic
to happen.
“It is not
possible. I have said this repeatedly; it is terrible fundamentals that make
business economically feasible and bankable to make it financially liquid
enough for every form of investment to break even, and we are not there.
“When we
invested in the business, it was at an exchange rate of N157 to a dollar, but
down the lane, the exchange rate has doubled. But the tariff did not shift for
two years.
“Anyway, it
is expected, considering the backlash we have been receiving since 2013 because
the sector is highly technical and we don’t expect pepper seller to understand
the science behind electricity.”
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