Business

Fashola reads riot act to stakeholders in power sector

Fashola reads riot act to stakeholders in power sector

The Minister for Power, Works and Housing, Mr. Babatunde Fashola, has urged all stakeholders in power sector to ensure total compliance to all conditions in their contract with the Federal Government or face consequences.

He stated this during the 14th monthly meeting of Power Stakeholders Forum held at National Control Centre (NCC), Osogbo on Monday.

Mr. Fashola, while addressing the meeting said investors in the power sector were fully aware of opportunities and challenges in the sector before entering into agreements with Federal Government and investing in the sector.

He then told them that the present government is prepared to implement to the letters, all conditions stipulated in the contracts, signed with it by investors in the sector.

He also assured them of government’s commitment towards provision of conducive environment that will enhance their businesses, adding that efforts are on to facilitate more payment of debt owed power distributors by Federal Government.

He therefore called on them to also on their part adhere to the agreement they entered with the Federal Government, noting. that operations in power sector is largely in the hands of private operators.

The communique reached at the meeting read in part, “The Managing Director, Transmission Company of Nigeria highlighted the issue of un-utilised load, currently causing high system frequency on the national grid, and encouraged the industry to take necessary steps to address the problem. TCN restated its commitment to expand transmission infrastructure and improve its operation and performance within the power sector value chain.

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“The vice chairman, Nigerian Electricity Regulatory Commission affirmed the Federal Government’s expressed commitment to tariffs that ensure a self-sustaining power sector and to supporting NERC in applying sanctions where appropriate to ensure operators comply with the rules.

“NERC highlighted the recently reconstituted commission’s focus on fair but firm regulation in the following areas: enforcing DisCos metering commitments, prepaid meters for MDAs, centralised management of market revenues collected from all customers, appropriate capitalisation of DisCos, and prudent procurement.

“It urged electricity customers to play their role in the success of the industry, through the timely payment of bills, ending the vandalism of power assets, and the assault of electricity workers who seek to install or read meters.”

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We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
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