The Electric Power Sector Reform Act 2005 , introduced privatisation of the power sector may become obsolete by the end of the year as the National Assembly, yesterday, revealed that a new legislation was being planned to unbundle the sector.
The Federal Government had in 2013, privatised the electricity sector through the EPSRA. The Government had raised about $2billion from the unbundling of Power Holding Company of Nigeria , creating a number of distribution and generation companies. But the sector has failed to live up to expectations, becoming a burden to taxpayers as most Nigerians are without electricity.
The lawmaker disclosed that the new legislation is being tailored with regulations in other countries like India, Germany and others with comprehensive legislation, noting that at the moment, there are litigations left to the discretion of the judiciary. According to him, the ministry would be part of the process to ensure that the sector is properly carried along in the process of a new legislation.