In his words: “On the power situation, many have said that though power supply improved earlier in the year, things have changed.
I do apologize to those people who have suffered setbacks in power supply. I note your complaints.
Do consider that to solve the power issue, govt cannot keep doing the same thing.
You may recall complaints that previous admins spent a lot on the industry without commensurate results.
Therefore, in looking for a solution, new approaches must be used if the govt must meet the needs of the citizenry.
It was for this reason that Mr. President launched the roadmap to power reforms on August 26th. 2010.
The main thrust of that roadmap is that, privatization is the solution to meeting Nigeria’s power needs.
In that roadmap, Mr. President listed timelines for privatizing the power sector.
Only a month ago, before our eyes, that process reached a never before seen stage with the transparent opening of bids.
Preferred buyers have emerged for the Discos and GenCos and as the Vice President said successful bidders are in the process of paying.
Do recall that this was the same process followed during the deregulation of the Telco industry in 1999/2000.
It is expected that with the successful privatization of the distribution and generation ends of the industry power will improve.
If anybody says that power will improve substantially other than by this privatization process put in place by govt, that would be unlikely.”