To most observers the power supply situation in Nigeria has clearly been getting worse. Watching Dr Onuoha Nnachi, an energy expert, speak on the problem this morning on Channels TV, a few disturbing revelations emerged. According to him, there were irregularities in:
- the bidding process for the power companies
- the power contract contents
- the management of the funds accruing from the bidding process
and that the government had spent 3 times more money as bailout on the power companies than it did on the same power system in the same period before privatization.
The solution he offered? Revisit the privatization process. Is the president aware of these irregularities? Why is no one talking about accountability for those who perpetrated the irregularities? And no consequences for those who managed the power companies to the point of requiring bailout or else? Is there really any moral justification for bailing out such companies with taxpayers’ money?
