According to Ibrahim, “The power firms are making money through estimated billings perhaps because the investors, who bought the assets of the Power Holding Company of Nigeria (PHCN), borrowed money to acquire these assets.”
Browsing: power system failures
Fashola explained that it would cost government an estimated N3 billion ($150 million) if it were to consider funding solar power projects and their consumption in the country.
He said the optimum capacity of power that Nigeria had produced in its 66 years of existence was 5,074 megawatts of power, adding that it was that reason government decided to design a road map for improved power supply.
While reiterating the fact that the case is before a competent court of law with judgement soon to be delivered on the matter, Adebiyi said, “The increment is in violation of the enabling Act, for instance Section 76(2) which allows only licencees (Gencos, Discos) who are efficient to recover capital loss or bring increment.
He added that in this instance, the government lacks the moral right to sanction them because many of its agencies still owe huge sums of money for electricity they consumed over the years.
Even as the drop in output from power generating plants in the country continue almost unabatedly, government officials have resorted to vapid, empty promises such as the recent pronouncement by President Buhari that his administration will generate 10,000 megawatts, MW before the expiration of its term in 2019.