- Post by Admin on sunday, March 05, 2015
Bewildered senators were on Wednesday told that Electricity Distribution Companies (DisCos) are technically bankrupt. Chairman, Senate Committee on Privatisation, Senator Ben Murra- Bruce, told his colleagues that the way out of the worsening power situation in the country was to revisit the privatisation of the defunct Power Holding Company of Nigeria (PHCN).
Senator Murray-Bruce spoke following a motion on "DisCos, electricity consumers and the burden of overbilling" sponsored by Senator Dino Melaye (Kogi West). The lawmaker said those expecting the DisCos to install meters in their houses should forget the idea since it was obvious that the DisCos lacked the resources to buy meters.
He said: "The DisCos are technically bankrupt; they have no money to buy meters. Unless we revisit the entire privatisation, there will be no solution to the power sector. We have to urgently revisit the privatisation exercise in its entirety."