The minister of power, works, and housing, Mr. Babatunde Fashola, said on Friday night that the economic recession in the country dates back to when the opposition party, Peoples’ Democratic Party, PDP, was in power.
Mr. Fashola said this yesterday at a media briefing to commemorate his first year in office. He also pointed out that workers retrenchment and the drop in purchasing power of an average citizen eroded as far back as 2013, were all signs of recession.
He, however, expressed the hope that the Muhammadu Buhari-led administration was on the road to making Nigerians smile once again.
The minister of power insisted that electricity generation in Nigeria has improved considerably in the last 12 months, peaking at above 5074MW for the first time in the nation’s 63-year-old electricity history earlier this year.
“This has created jobs for hitherto idle artisans, small and medium scale entrepreneurs and empowered other businesses,” he said.
> “More than 800 containers of imported power generation and distribution components stranded at the ports for between three and eight years, have been released.”
He, however, regretted that about 3000MW of electricity was lost to vandalism, adding that the Federal Government was discussing with agitators in order to put an end to the destruction.
The minister also appealed to electricity consumers to be patient with distribution companies over insufficient prepaid meters, noting that the privatization of the sector was only three years old.
He said that the meters would soon be readily available as more companies embark on their production in Nigeria.
The minister had earlier in the week stated that the ministry under his leadership will not cancel power privatisation on any grounds.
This was following a call made by Aliko Dangote, president of Dangote Group, asking that the power privatisation process be revisited and reversed into the “right hands”.