No plans to revoke power sector contracts – Fashola

Forum 7 years ago

No plans to revoke power sector contracts – Fashola

The Minister of Power, Works and Housing, Mr Raji Fashola, on Thursday disclosed that the Federal Government has no plans to revoke the privatisation of the nation’s power sector.

Fashola made the disclosure at the 5th European Union (EU)-Nigeria Business Forum with the theme: “Harnessing Nigeria’s Potential for Economic Growth” in Lagos.

According to him, “The Federal Government will respect and uphold the contract it has been committed to and inherited from the past administration.


“I am not in charge of power sector to revoke the privatisation agreement signed three years ago,” the minister said.

Speaking further, the minister said the government had nothing to gain from sending investors in the power sector parking, following calls from some quarters asking for revocation of privatisation of the sector.

“If those calling for revisiting of the privatisation of the power sector meant to say improving the governance, performance and efficiency, then, I am here for that.

“If revisiting it will mean that Distribution Companies (DISCOs) should open up and investments should come in, I am for that.


“If it means that the entire power sector will become very efficient, I will support it.

“But, I will not support cancelling of the contracts we had with them.

“If we revoke privatisation of the sector, investors will carry their bags and go, they will tell others that Nigeria is not reliable for investment,’’ Fashola said.

In his remarks, Gov. Akinwunmi Ambode of Lagos State said the state was committed to the provision of critical infrastructure that would make doing business in the state a pleasure and profitable experience.