PRESS RELEASE • APRIL 5, 2024
As usual, the government is unleashing another dose of reforms without adequate notice and without an adequate post-reform plan to mitigate the pain.
The increase in electricity tariffs comes at a time when Nigerian citizens are experiencing excruciating difficulties occasioned by the withdrawal of the PMS subsidy and the floating of the domestic currency.
The government has not successfully dealt with the pains associated with implementing those measures, and now this. The hike in electricity tariff will create more difficulties for the citizens as inflationary pressures are elevated. Our manufacturing sector will similarly be negatively impacted.
Not only are they paying higher interest rates on their bank loans, but they are also paying more for diesel and higher wages as a result of the new minimum wage. The President’s men are pushing the economy into a deeper crisis. His reforms lack a human face.
It is important that we understand the root cause of the inefficiencies in the power sector before unleashing another dose of reforms. It is time to revisit the privatization exercise that produced the DISCOs.
Tinubu must (a) ensure that these reforms are sequenced, (b) implement measures to mitigate the pain, and (c) hold the NERC responsible for ensuring improved service delivery.
Atiku Abubakar
Vice President of Nigeria, 1999-2007
Yola
5th April, 2024.
