Decentralise power, diversify economy—Governors

By Peter Egwuatu, Princewill Ekwujuru, Monsuru Olowoopejo & Bartholomew Madukwe

THE Vice President Yemi Osinbajo, yesterday, explained why electricity tariff increased, citing shortage in gas supply and drop in power generation.

The Vice President in his key note address during the maiden edition of the National Forum on the economy, organised by Vintage Press publishers of The Nation Newspaper, themed: ‘ National Economy: The Way Forward’ said generation companies’ inability to supply power to consumers was as a result of short supply in gas and the drop in power occasioned by lost in line of transmission.

He said that for this reason Generation Companies, GENCOs invariably requires increase in electricity tariff to enable them meet demand for power.

“There is no way the GENCOs can supply enough power to consumers without generating enough fund to drive the necessary processes that will bring about adequate power generation and supply.”

Osibajo who spoke on diverse issues concerning Nigeria’s economic growth revealed plans by the President Mohammed Buhari led government to propel the growth of the economy through private sector stimulation and diversification of the economy to the non oil sector.

He stated that government plans to make utmost use of its backward integration initiative that will propel and project the growth of the economy and bring to live industries that will drive the development and growth of Nigeria.


Also, as part of measures to boost the Nigerian economy, the State Governors yesterday, move for decentralisation of power at the federal level to states and local governments, inter-state relations, regional integration and diversification of the economy from oil to agriculture.

The Governors also called on the Federal Government to strengthen the educational sector in order to tackle the increasing rate of unemployment and also address the over bloated workforce in the public sector of the economy.

Speaking at the maiden edition of the “ National Forum on the Economy” organised by Vintage Press Limited, publishers of The Nation Newspapers, Governor Rochas Okorocha of Imo State said “ The problem with Nigeria’s economy is that too much power resides at the Federal level. It is time for the Federal Government to decentralise power and make the state and local government stronger. We also need to use our local culture to solve our economic problem. The British or American system cannot solve our problem. All we need is to adopt the Nigeria system to be able to solve our problem.

The Federal Government should stick on Nigeria’s culture and use traditional chiefs in various states to tackle the issue of terrorism.

On the educational system, he said “ The Federal Government need to change the educational policy where English language and Mathematics are made compulsory before students can be admitted. We need vocational schools where the youths could be trained on painting, bricklaying, fishing, plastering, and other handwork. There are jobs for people to do but because of the kind of educational system we have we the youths cannot find job. Bible tells me that my people perish for lack of knowledge, not for fall in oil price. Nigeria is blessed more than any


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