The Chairman of Transcorp Group, Tony Elumelu has made suggestions on how to resolve issues facing the power sector.
Elumelu also disclosed that in order for Nigeria to maximise her potentials, the economy needs to increase its electricity generation from about 5,000 to 100,000 Megawatts.
This was disclosed during an interview with Arise TV on Wednesday.
The nation needs to stabilize its transmission lines, provide adequate gas supply and strengthen her payment plans, Elumelu explained.
He said, “Nigeria needs about 100,000 MW to power the economy. It also needs to stabilize the transmission lines and ensure that access to gas supply.
“For Nigerians to heave a sigh of relief in the sector, it needs to boost generation, fix gas supply to GenCos, boost payment of distribution and ensure power generated are taken by DisCos. Here I must commend the CBN Governor because he has helped to maintain peace in the space.
“Before the end of 2020, NBET used to pay about 20% but it now pays about 50%. It is still a critical sector that still needs investment and stakeholders must ensure it works.”
The power situation has not improved much since the privatisation of much of the power sector in recent years, even with continued government subsidies for some users.
Now, faced by dwindling income due mainly to the collapse of global oil prices, the administration has the challenge of convincing frustrated electricity consumers that they must accept substantial increases in energy tariffs if Nigeria is to achieve constant, stable, and nationwide electricity supply.