The Power Sector Recovery Programme (PSRP) is robust enough to ensure viability of the power sector and manage the liquidity issues militating against the sector.The Director General, Bureau of Public Enterprises (BPE), Alex A. Okoh, affirmed this at a meeting with the House of Representative Committee on Privatisation and Commercialisation on Tuesday.
In a statement from the Bureau on Wednesday, Okoh was quoted as saying that “optimising the potential of the PSRP would be largely reliant on a simultaneous effort from all parties involved in the privatisation process as well as regulatory bodies.”
The meeting was centred on proffering solutions to the challenges affecting the performance of the electricity Generation and Distribution Companies (DisCos and GenCos).
Okoh noted that the Nigerian power privatisation transaction is the biggest of its kind in the entire continent, and that post transaction challenges were inevitable, while also expressing optimism that the challenges are not insurmountable.
Okoh said a holistic approach alone would set the pace for an enduring solution to resolve the challenges, and categorised the challenges under three broad areas.These include transaction frame work, operational issues, and policy and regulatory concerns, and argued that solutions proffered without a thorough diagnosis of the issues would fall through in the course of time.
He reaffirmed the BPE’s dedication to the success of the sector towards ensuring improved electricity supply to the nation.The Deputy Chairman of the Committee, Shadimu Alao Mutiu, gave an assurance of the Committee’s support towards the success of the sector, adding that only a joint effort can bring about the much needed progress sought by all parties involved.Present at the meeting were representatives of GenCos, DisCos as well as Nigerian Bulk Electricity Trading Plc. (NBET).