The Vice President, Prof. Yemi Osinbajo, says the Federal Government is discussing with stakeholders on ways to restructure Nigeria’s power sector with a view to improving supply and attracting more investment to the country.

Osinbajo stated this in Abuja on Tuesday at a Breakfast Meeting of the Lagos Business School.

He expressed the Federal Government’s commitment to creating “a willing buyer, willing seller” situation in the power sector market.

According to Osinbajo, the same old ways where Electricity Distribution Companies (DisCos) controlled territory that they could not service cannot continue, NAN reports.

“I think that what the Distribution Companies will argue, and what also we have to accept, is that we really have to have a cost-effective tariff one way or the other.

“The way it has worked in the experiments we have seen and what we have done is, for example, what we call the energising economies projects that we have done where we have enabled private power in markets,” he said.

The Vice President noted that private power projects had been executed at the Sabon Gari Market in Kano; the Ariaria Market in Aba; the Sura Market in Lagos; and in Ondo.

He said that the arrangements enabled the private power supplier to provide power to shop owners and businesses at an agreed cost-effective tariff.

Osinbajo observed that the current regulatory framework of the power sector in the country had to take into consideration the effective model of power supply.

“I think the current regulatory structure just has to accommodate the realities and we have got to make sure that we move ahead, otherwise we are going to have ourselves – as we are at the moment – regulating 4,000 megawatts of power for the next four years, which obviously is a disaster.

“We can’t sit here complaining about some people, who are complaining about power and saying we should cancel the licences of people who are providing power.

“It’s not going to work.”

The vice president further said that the Federal Government was also working to attract more investment to the gas sector.

On industrialisation, he said government was planning to develop Special Economic Zones nationwide with the aim of creating special places that would have different atmospheres conducive for processing, manufacturing, and industrialisation.

He said that economic zones were being built in Lagos, Aba, Katsina, and other places.

Osinbajo said that there were also plans to build up infrastructure in small, medium, and large industrial clusters already existing across Nigeria.

He said that government was looking at the leather hubs in Aba in Abia; Ogidi in Anambra, and Kano state as well as iron works and fabrication clusters in Nnewi, Anambra State and in Bauchi.

“The whole point is that we want to make sure that where we have existing economic clusters, we go in there to assist with power and other infrastructural needs that they may have there.

“So, we are not necessarily creating new zones or new clusters, but building up those that we have so that they can be much more productive.”

The vice president, who also spoke on human capital development in the “Next Level” of the Buhari administration, especially in relation to education and health, said that Nigeria would have a problem if something drastic was not done about them.

He said that the Federal Government and the states were considering how to enforce the nine-year free and compulsory education policy in the country.

“This is a policy of the Federal Government and we believe that it must be enforced, especially because we know that this is the critical years of the child’s life,” he said.

He said that enforcing the policy would ensure that the number of out-of-school children in the country dropped.

According to him, the Federal Government’s policy on education also involves the Science, Technology, Engineering, Arts, and Mathematics programmes, which will deal with the whole question of teacher training for digital literacy.

Osinbajo said that the Muhammadu Buhari-led administration would expand the Social Investment Programmes, including the N-Power scheme, the Home Grown School Feeding Programme, the Conditional Cash Transfer, and the Government Enterprise Empowerment Programme so that it would include more Nigerians.



See more here https://thickmatch.com/osinbajo-reveals-fg-plans-power-sector/

Just tackle financial crisis in the sector. Help discos recover debts. They will reinvest and boost operations. Strengthen transmission. Haba! It's not rocket science

We will sure get it right as a Nation one day

How do these bet9ja dudes know a post that will hit front page..

Sometimes I think the owners of nairaland are behind those monikers..

We can't keep doing it the same old way and get a different result

aolawale025:
Just tackle financial crisis in the sector. Help discos recover debts. They will reinvest and boost operations. Strengthen transmission. Haba! It's not rocket science

Hmm! Debts mostly based on estimated bills? I know some people still owe on legitimate bills. The best way forward is to provide meters for every home. You don't need to go round checking meters because those who don't pay are automatically disconnected. Why are they shying away from doing this?

You're on point with regards to transmission. It's a weak link.

cool

They keep revealing without doing

ovoko. una no dey sleep?

useless people

Are they not tired of releasing plans everytime?

Naija journalists na wa...
It’s cost-REFLECTIVE (not cost-effective) tariffs.
>

Power and good infrastructure. Distribution companies are bunch of criminals. Provide prepaid meters for all households you will then see distribution companies function well.

After 4 years, una still dey here ?

Scam !

Where is Fashola? Mr minister that says power is not rocket science

Sundaypaul12345:
Are they not tired of releasing plans everytime?

We will. FG to do... The formula for APC is really genius. Do nothing, lie liberally, steal like crazy, watch the country go up in flames while you feel like you owe the 200 million people nothing.

Baba kekere and his usual lies & falsehood.

SouthSouth1914:
Where is Fashola? Mr minister that says power is not rocket science

The useless arrogant has been shamed!

Pls save us the stress.....



Free up the sector let those who have the money generate and distribute on small scale.... I am not connected to grid in the last one year and I have power 24/7" and I don't own a car yet!

If Osinbade is talking about this,then its most likely a lie.

delpee:


Hmm! Debts mostly based on estimated bills? I know some people still owe on legitimate bills. The best way forward is to provide meters for every home. You don't need to go round checking meters because those who don't pay are automatically disconnected. Why are they shying away from doing this?

You're on point with regards to transmission. It's a weak link.

DISCOs will go bankrupt with prepaid meters in every home.

The right legislations and judicial processes to deter power theft are not yet in place.

In small Benin Republic, bypassing or other forms of power theft is a very serious offence with
special courts and varying jail terms or huge fines for offenders.

Power theft is one area the FG must address first before enforcing prepared meters in every home

https://www.youtube.com/watch?v=ImqmMOkANgg

If the FG is really serious they should look beyond the present gas turbines and national grid system and adopt new
Low cost
Flexible
Long life span technologies
like the one developed by this MIT professor




https://www.youtube.com/watch?v=NiRrvxjrJ1U

http://www.ambri.com

Untill Nigeria gets it right in Power sector, we ain't going nowhere near industrialization.
SME's need it badly

aolawale025:
Just tackle financial crisis in the sector. Help discos recover debts. They will reinvest and boost operations. Strengthen transmission. Haba! It's not rocket science

Re- invest Indeed. Very useless DISCOS, government should just withdraw their licensees. The privatisations by Jonathan was a sham.

SouthSouth1914:
Where is Fashola? Mr minister that says power is not rocket science

he is prayin h'll b reappointed

aolawale025:
Just tackle financial crisis in the sector. Help discos recover debts. They will reinvest and boost operations. Strengthen transmission. Haba! It's not rocket science

You're right but I agree with the VP that discos should no longer be allowed to controlled territories.

Of what use really handing over an entire Lagos mainland to IKEDC if they cannot service it properly?

Recently, IKEDC went harassing a certain company that built power plant to provide electricity for their staff quarters insisting the

quarters is within their territory. The company was given the option of either sourcing power from IKEDC or pay IKEDC before they could turn on their power plant.

kunleham:

Re- invest Indeed. Very useless DISCOS, government should just withdraw their licensees. The privatisations by Jonathan was a sham.

Bros, DISCOs are not your only problem.
FG, generation, transmission all share in the blame but with the greater blame on FG.
What magic can DISCOs perform with 4,000MW in a large country like Nigeria?

The privatisation was not a 'sham' and I bet you, I don't see the Buhari govt revoking those licenses.
The Vice President even said so. Revoking licences won't solve any problem

Splashme:



You're right but I agree with the VP that discos should no longer be allowed to controlled territories.

Of what use really handing over an entire Lagos mainland to IKEDC alone if they cannot service it properly?

Recently, IKEDC went harassing a certain company that built power plant to provide electricity for their staff quarters insisting the

quarters is within their territory. The company was given the option of either sourcing power from IKEDC or pay IKEDC before they could turn on their power plant.

This is unbelievable

delpee:


Hmm! Debts mostly based on estimated bills? I know some people still owe on legitimate bills. The best way forward is to provide meters for every home. You don't need to go round checking meters because those who don't pay are automatically disconnected cted. Why are they shying away from doing this?

You're on point with regards to transmission. It's a weak link.

We should not be talking of debt recovery if only they meter all consumers.