The Transmission Company of Nigeria (TCN) has said the refund of $5.4billion is the only option left for the Federal Government to pull out of the privatisation of the power sector.
It said globally, India is the only country that has ever adopted the Nigerian model of privatisation in selling the assets of the defunct Power Holding Company of Nigeria (PHCN).
Its Managing Director, Mr. Mohammed Gur Usman, said Nigerians were scoring the President Muhammadu Buhari-led administration on what is on ground, forgetting about the problems created by previous administrations. “Nobody is looking at the hole that the previous administrations put Nigeria into. This is what this government has inherited. Now, the option of cancelling the privatisation is $5.4billion,” he told The Nation in Abuja.
The management of the power firm has already reached out to Ogun State government as high compensation demand for the right of way (RoW) has stalled the $200million transmission project. Read more