'(Ten) years on, I believe it is fair to say that the objectives of sector privatisation have, by and large, not been met,' Mr Tinubu said.
,” Mr Tinubu said.This, he said, has left households and factories to rely on expensive self-generation, which supplies a staggering 40 per cent of the country’s demand.
He explained that the reasons for the underperformance of the sector in the last decade are well known.He said as of Q2 2023, for every kWh of electricity sent to the grid, only 60 per cent of it is paid for. “We are in a vicious cycle of under-performance and under-investment, and everyone has a different view of which value chain player should be blamed for continued sector malaise.
He added that the scale of investment needed to meter current and new customers and replace obsolete meters is not trivial. “We need to have a clear plan to rebase tariffs, so we recognise the real costs and loss levels of the entire value chain, and we allow for adequate cost recovery for investments. We need to be clear on what shortfalls are and how we will finance them.
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