SPECIAL REPORT: Enugu community where residents rely on polluted river, deplorable PHCINVESTIGATION: TETFund’s N3.8 billion training contract triggers procurement controversy, concernsLegislative responsibility or the lack thereof, By Jibrin IbrahimSPECIAL REPORT: Enugu community where residents rely on polluted river, deplorable PHCINVESTIGATION: TETFund’s N3.
“We must tread carefully, we should not be in a hurry. The market is not mature, it is not mature enough. With everything centralised for a single regulator, we have a myriad of issues. The new Act, signed by Mr Tinubu, consolidates all legislations dealing with the electricity supply industry to provide an omnibus and ideal institutional framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry and encourage private sector investments in the industry.
He added that the transfer of regulatory oversight will be piloted in selected states across the geopolitical zones in the country while noting the peculiarities in each zone. “The moment you take over the regulatory activities of Lagos State, when we talk about tariff, about subsidy, it will be on your neck as a state. I do not know the balance sheet you want to leverage to guarantee the necessary settlements on a monthly basis.
In his address, Bart Nnaji, the chairman of Geometric Power, said while the Act has been able to bring regulation closer to the people, there are a lot of challenges that may arise at the implementation stage.