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Are We Not Ashamed That After Spending $16 Billion, Nigerians Are Still Not Getting Enough Electricity? – APC Chieftain Challenges Tinubu
Are We Not Ashamed That After Spending $16 Billion, Nigerians Are Still Not Getting Enough Electricity? – APC Chieftain Challenges Tinubu
A prominent figure within the All Progressives Congress (APC), Osita Okechukwu, has called on President Bola Tinubu to take decisive action in reforming Nigeria’s electricity sector. In a recent interview with newsmen, Okechukwu criticized the current state of electricity supply in the country, describing the privatisation of the sector as a complete failure………CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
Okechukwu urged President Tinubu to consider recapitalising and nationalising the electricity sector to enhance Nigeria’s economic growth and industrial development. He argued that privatisation has led to higher energy prices, job losses, and factory closures, undermining the country’s economic stability.
“Mr President, we are in an economic crisis similar to the UK after the Second World War,” Okechukwu said. “It took the Labour Party to strengthen their economy by nationalising fundamental industries like electricity. They managed to generate 30,000 megawatts in less than 20 years.”
He suggested that Nigeria should invest $30 billion to generate 30,000 megawatts within ten years under public ownership, drawing a parallel to historical actions taken by the UK.
Okechukwu also criticized the previous efforts under the Peoples Democratic Party (PDP) for a lack of transparency in the privatisation process, which failed to attract Foreign Direct Investment or significant foreign participation. He highlighted the financial strain on the government, pointing out that despite substantial bailouts, Nigeria can only generate less than 4,000 megawatts of electricity.
“It is shameful that after spending $16 billion on the National Integrated Power Project (NIPP) and countless billions thereafter, 200 million Nigerians still ration less than 4,000 megawatts of electricity,” Okechukwu lamented. “We need to borrow $30 billion to generate 30,000 megawatts under public ownership within ten years.”
Okechukwu concluded by calling for bold socioeconomic reforms to address the longstanding electricity issues in Nigeria, suggesting that public ownership is the only viable solution to achieve significant progress in the sector.
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