At LCCI Forum, Obi Pledges to Ensure Total Privatisation of Power Transmission - Thisdaylive

Breaking | 9 seconds ago

•Describes petrol subsidy as organised crime

•Says his administration will borrow for investment, not consumption

Dike Onwuamaeze

The presidential candidate of the Labour Party, Mr. Peter Obi, yesterday told leaders of Nigeria’s organised private sector that his administration would totally liberalise the entire power sector value chain, including transmission, to ensure steady power supply if elected president next year.

Obi also vowed to encourage the setting up of more local refineries by private firms and to supply them crude oil in naira to refine for Nigeria’s domestic consumption.

He said this yesterday when he took his turn at the Private Sector Economic Forum for the 2023 Presidential Election that was organised in Lagos, by the Lagos Chamber of Commerce and Industry (LCCI).

The LCCI had played host to the presidential candidate of the Peoples’ Democratic Party, Alhaji Atiku Abubarka last Tuesday.

Obi said: “Power is something everybody is worried about. I know very well that the federal government as of today has removed power from exclusive list to concurrent list. But I will go further than that. Our power problem today is that we have privatised generation and distribution but left power transmission untouched.

For me, the first thing I will do to ensure steady power supply is to liberalise transmission. This is critical if you are going to deal with our power sector. We will support the existing companies in the distribution and generation arms by ensuring that there is a dedicated gas supply which is one of their problems today.

“We will ensure that the generation, transmission and distribution are properly aligned. We will ensure clear certainty of policy and regulatory environment for them to operate. We will support them with access to funding that is attractive and deal with some of tax incentives. We have to ensure that renewable energy is embedded in our power process.’

He said his administration would limit government involvement in the power sector to providing sovereign guarantees and policy clarity and certainty that would attract private sector investment.

“The issue of power will have to be an emergency that we will have to deal with all means possible to ensure that we have power. To have the resources to do this, we will involve the private sector. Government does not need to be entirely involved. Government involvement will be to provide sovereign guarantees,” he said.

Obi also stated that his administration would be decisive in removing petrol subsidy, tackling the security challenges afflicting the country and putting a halt to crude oil theft, pointing out that oil theft could not thrive without people in government participating in it.

He said: “If we come to government in 2023, one thing that we must decisively and aggressively deal with is the issue of security. Insecurity is the number one thing that is impacting Nigeria’s economic growth today. And I need to deal with it as quickly as possible.
“We need to overhaul the entire security architecture, including having multilevel policing involving the federal, state and community and equip them properly with modern gargets.

“Nobody will be able to kidnap, keep his victim somewhere and use phone to negotiate ransom with his victim’s family” without being caught.

Obi also described petrol subsidy as an organised crime and pledged to bring it to and end by encouraging the setting up of privately owned refineries.

He said: “Petrol subsidy is an orgnised crime. I have said it that 60 per cent of the subsidy is corruption. That will be dealt with decisively. Secondly, we will aggressively start to ensure the promotion of local refining that is private sector driven and supply them crude oil in Naira to refine for domestic consumption.

“If you deal with insecurity and our farmers can go back to their farms and we remove subsidy and deal with corruption our inflation rate will drop.”

The presidential candidate identified the large expanse of uncultivated lands in the northern Nigeria as the country’s greatest physical asset that his administration would invest in and cultivate to turn around the economy.

Obi, however, did not leave his audience in doubt that his administration would borrow and invest in infrastructure.

He said: “There is nothing wrong in borrowing. The difference is that if you borrow for consumption you will have a problem. But if you borrow for investments your economy will grow. The reason things are not working here is that we are borrowing for consumption.

“Debt is a component of development but it must be used efficiently and effectively for purposes that will bring value so that we get from the investment will be enough to service the debt.”

The President of the LCCI, Dr. Michael Olawale-Cole, in his welcome address told Obi that “while the chamber is non-partisan, we are however interested in the economic agenda of the candidates and their plans to make a better Nigeria in the next dispensation.

“The chamber is aware of the overshadowing effect of politics over economics in managing the Nigerian economy and would, therefore, wish to contribute to the setting of a new economic order that can take our economy from the doldrums.”

I'm in support with this!!!!


Vote Obi for better Nigeria

Hmmm
Okay

And as expected, a lot of back and forth and no clear cut ideas, I will, we have to. No policy direction. Nothing.

Even the borrowing he criticized at once, he included in his plans. God heal Obi.

Nice one from our incoming president inshallah.

SU50:
And as expected, a lot of back and forth and no clear cut ideas, I will, we have to. No policy direction. Nothing.

Even the borrowing he criticized at once, he included in his plans. God heal Obi.

Incoherent and disjointed gibberish. Tell us what Tinubu proposed at the LCCI forum?

Atiku's girlfriend Adaobi want to sell NEPA again

France owns it's electric power company, UK "privatised" energy France bought UK's energy agency now UK is paying far more on energy and France pays less


.

SU50:
And as expected, a lot of back and forth and no clear cut ideas, I will, we have to. No policy direction. Nothing.

Even the borrowing he criticized at once, he included in his plans. God heal Obi.

He is readjusting and making it up as he goes along. I hope Nigerian journalists will be able to ask him to explain these contradictions when the time comes.
Nobody has been able to ask him how his idea of using contractionary monetary policy to curb inflation is going to work out in our type of economy.
This idea will basically strangulate the economy but nobody so far is asking him to explain himself.

Well spoken Mr President

Obi keeps impressing me honestly ..I have always said it untill we privertise transmission there is absolutely no we we can get the power we need to give Nigeria 24 hours power supply

Obi really understand Nigeria problems more than I thought

SU50:
And as expected, a lot of back and forth and no clear cut ideas, I will, we have to. No policy direction. Nothing.

Even the borrowing he criticized at once, he included in his plans. God heal Obi.

Where is your own candidate? What is his own plans? If you can’t show me what your candidate has proposed or where he has granted interviews to articulate his plans then by all means shut up sir!

ElSudani:


He is readjusting and making it up as he goes along. I hope Nigerian journalists will be able to ask him to explain these contradictions when the time comes.
Nobody has been able to ask him how his idea of using contractionary monetary policy to curb inflation is going to work in out type of economy.
This idea will basically strangulate the economy but nobody so far is asking him to explain himself.

I agree with all you have said but we should be able to scrutinize your candidate to know his plans. If your candidate is one of those yet to speak to Nigerians about his plans then you are not qualified to judge someone else.

SU50:
And as expected, a lot of back and forth and no clear cut ideas, I will, we have to. No policy direction. Nothing.

Even the borrowing he criticized at once, he included in his plans. God heal Obi.

You certainly don't know what's idea. Idea is never clear cut. E b like you no attend lectures for school.

What do you understand by policy? Who develops policy?

Stop throwing words you don't know the meaning around.

BlazinGlory40:


I agree with all you have said but we should be able to scrutinize your candidate to know his plans. If your candidate is one of those yet to speak to Nigerians about his plans then you are not qualified to judge someone else.

When is the campaign starting again? If a guy cannot obey simple INEC rules how can we trust him to even respect our laws?

Good ideas.

The implementation has always been our problem. I hope he would be poised to implement it if he eventually win in 2023.

But when is Asiwaju presenting his plan at the LCCI program.

IF FOR NO OTHER REASON, AT LEAST, MAKE NIGERIA SEE BEAUTIFUL FIRST LADY.


WHO NO LIKE BETTER THING?

SU50:
And as expected, a lot of back and forth and no clear cut ideas, I will, we have to. No policy direction. Nothing.

Even the borrowing he criticized at once, he included in his plans. God heal Obi.

I don't know what exactly some of you want to hear again, abi you want him to start listing
1. I will pick service chiefs with capacity 2. I will spell out my vision for the country's security and request for their action plans, timelines, and needs for its actualisation 3. I will ensure I provide all their requirements and judge them by their timelines and plans 4. I will create a policy document that encourages multi level policing to ensure effective policing at the grassroot 5. I will ensure a massive political will necessary for the overhaul of the security architecture is present.

Amongs many other things...na so Una want make him list everything he will do in every sector in the 30 mins to 1 hour he is given on these platforms?? Which kind wahala be this with some of Una.

He was never against borrowing, so stop lieing...every economist or business person understands borrowing is inevitable, what he has always said is borrowing for consumption as opposed to production is a no no. Please let's be honest and reasonable in our assesments and criticisms.

VERDA:


I don't know what exactly some of you want to hear again, abi you want him to start listing
1. I will pick service chiefs with capacity 2. I will spell out my vision for the country's security and request for their action plans, timelines, and needs for its actualisation 3. I will ensure I provide all their requirements and judge them by their timelines and plans 4. I will create a policy document that encourages multi level policing to ensure effective policing at the grassroot 5. I will ensure a massive political will necessary for the overhaul of the security architecture is present.

Amongs many other things...na so Una want make him list everything he will do in every sector in the 30 mins to 1 hour he is given on these platforms?? Which kind wahala be this with some of Una.

He was never against borrowing, so stop lieing...every economist or business person understands borrowing is inevitable, what he has always said is borrowing for consumption as opposed to production is a no no. Please let's be honest and reasonable in our assesments and criticisms.

Don't mind APC folks they are mischievous fellows attacking others bcoz theirs got nothing to offer.

Obi is just what Nigeria needs now

mrvitalis:
Obi keeps impressing me honestly ..I have always said it untill we privertise transmission there is absolutely no we we can get the power we need to give Nigeria 24 hours power supply

Obi really understand Nigeria problems more than I thought

Haba mrvitalis u no go Biafra again?

I will keep calling out all of you that I warned about Nnamdi Kanu back then but they refuse to listen.

So you want those you used to call afonja, abok.i, foola.ni, cows, betrayers to vote Peter Obi right? You have abandoned Nnamdi Kanu okwaya?

Omumaife unu ka telu aka...

Okoroawusa:

Haba mrvitalis u no go Biafra again?

I will keep calling out all of you that I warned about Nnamdi Kanu back then but they refuse to listen.

So you want those you used to call afonja, abok.i, foola.ni, cows, betrayers to vote Peter Obi right? You have abandoned Nnamdi Kanu okwaya?

Omumaife unu ka telu aka...

I'm Biafran ...but Buhari bad economic policies didn't just affect you ...as long as Igbo land is still under Nigeria we would continue to take part in Nigerians politics

hammerT:
IF FOR NO OTHER REASON, AT LEAST, MAKE NIGERIA SEE BEAUTIFUL FIRST LADY.


WHO NO LIKE BETTER THING?

She no beautiful reach Aisha Buhari.

ElSudani:


He is readjusting and making it up as he goes along. I hope Nigerian journalists will be able to ask him to explain these contradictions when the time comes.
Nobody has been able to ask him how his idea of using contractionary monetary policy to curb inflation is going to work in out type of economy.
This idea will basically strangulate the economy but nobody so far is asking him to explain himself.

As in eh, the same man said infrastructure does not grow the economy, I guess he didn't know that power is also infrastructure back then.

Obi is a �.

This won't make frontpage but demeaning personal opinion on Obi would.
This site is becoming trashy every passing day

mrvitalis:
Obi keeps impressing me honestly ..I have always said it untill we privertise transmission there is absolutely no we we can get the power we need to give Nigeria 24 hours power supply

Obi really understand Nigeria problems more than I thought

same way GEJ privatised distribution.. today no growth..AMCON is paying billions to retake over the distribution sector..

fix the transmission system..that is the only way to get power..allow every player to set their prices to what suits them to handle the business and stop subsidies.

giving it to private hands will only worsen it especially when they are still no allowed to set their prices freely.. the companies will only squeeze every profit from it until it dies.

ElSudani:


When is the campaign starting again? If a guy cannot obey simple INEC rules how can we trust him to even respect our laws?

Don’t you dare use that as an excuse sir. The campaigns haven’t started but we have gotten snippets of plans from Obi and even Atiku. If we go by your logic, then INEC should disqualify those two for attending NBA conference and LCCI. And oh, Shettima too was sent to represent your oga and he too should be disqualified. Make all of us follow mad at once.

pocom16:


same way GEJ privatised distribution.. today no growth..AMCON is paying billions to retake over the distribution sector..

fix the transmission system..that is the only way to get power..allow every player to set their prices to what suits them to handle the business and stop subsidies.

giving it to private hands will only worsen it especially when they are still no allowed to set their prices freely.. the companies will only squeeze every profit from it until it dies.

Read to understand .. distribution is nothing government can't hold it and run it effectively

Transmission is key that what we have been saying since 2010. We need 3 trillion investment in that sector and only private sector can do that but they can't because the constitution allows only federal government ...

We have an installed capacity of 13,000 mw but can only transmit 5000 ...we need to push out transmission capacity to 50,000 minimum this would push more investors to build more power plants

mrvitalis:

Read to understand .. distribution is nothing government can't hold it and run it effectively

Transmission is key that what we have been saying since 2010. We need 3 trillion investment in that sector and only private sector can do that but they can't because the constitution allows only federal government ...

We have an installed capacity of 13,000 mw but can only transmit 5000 ...we need to push out transmission capacity to 50,000 minimum this would push more investors to build more power plants

the bolded is true
I'm glad you know this..

why then did GEJ privatise Distribution first instead of transmission?

anyways.. It is true that government cannot invest what is needed to push transmission capacity.

transferring it to private sector will not guarantee that the private sector will invest such money..
the private organisations who will take over it might most likely be owned by Nigerian politicians and that will bring more problems that will cost us time only for us to buy it back from the private hands..

same way it took us over 8 years to realize that privatizing distribution was a mistake now this government is spending billions to buy it back.

Let the government invite a bank to finance the cost of expanding the distribution sector and the government acts as the guarantor.. once that is done the bank or the government can now source for a private hand in to run and maintain it under the supervision of the bank..

this government is using this method to fix port harcourt refinery and it is going smoothly. it is also the same policy behind the Siemens deal signed 2 years ago.. for your information this is the same method used to fix their power problems. they took loans, acted as the guarantors and brought in people to run the repaired system so that the lender (bank) can get back their money

Obi who claimed to have visited Eygpt went on vacation..he learnt nothing about how Eygpt fixes theirs..

giving this crucial sector to a private hands doesnt guarantee that they will improve..

let the government fix it first by any means which is usually loans..then give it to a private body to maintain it...
this is the goal of the siemens deal

mrvitalis:

I'm Biafran ...but Buhari bad economic policies didn't just affect you ...as long as Igbo land is still under Nigeria we would continue to take part in Nigerians politics

So it's now Nigeria? It's no longer Zoo?
Ifele megbuo gi

Okoroawusa:

So it's now Nigeria? It's no longer Zoo?
Ifele megbuo gi

Nigeria is still a zoo ...sure ...but reorganizing the zoo would benefit me economically

Give us Biafra( Igbo only ) today and obi would be made president trust me he would defeat kanu in any election

Can your tinubu win presidency in a Yoruba only republic ?

Untill we get Biafra we will continue to participate in Nigerian politics and there is nothing u can do about it

This is Atiku's own speech at the LCCI forum. Read through and drive the necessary conclusions.

https://www.nairaland.com/7330925/full-text-atiku-abubakars-speech

SU50:


As in eh, the same man said infrastructure does not grow the economy, I guess he didn't know that power is also infrastructure back then.

Obi is a �.

By infrastructure, do you mean social amenities? They don't grow the economy. What it does is alleviate people suffering. There is a difference between what he is saying to what you are alluding to.