The Nigerian Labour Congress (NLC) has expressed its criticism of the Federal Government’s plan to restructure the Transmission Company of Nigeria (TCN), citing potential consequences for the power sector. This discontent was conveyed through a statement signed by NLC President Joe Ajaero on Wednesday.
The government, via the Bureau of Public Enterprises (BPE), announced its intention to sell 40% of its shares in electricity distribution companies in the capital market in 2024. Ajaero emphasized the union’s concerns, stating that such actions could pose a threat to the power sector.
Ajaero conveyed, “It imperils the ability of the state to control, regulate, and guarantee the safety of the nation’s grid system at all times.” He further argued that the restructuring plan appears to be an effort to grant control of the TCN to the elites.
He pointed out, “The main motive behind the plans for the proposed restructuring is none other than to prepare the TCN for eventual takeover by the cronies and lackeys of the ruling elite.”
Ajaero also raised comparisons with previous failed privatization exercises, stating, “They are the same stories that Nigerians have heard over the years which have largely yielded no significant results except the increased suffering that the exercise became for Nigerian people and the economy.”
Expressing concern about repeating past mistakes, Ajaero stated, “NLC believes that the President is making the same mistake previous administrations have made with the policy direction his Minister of power is trying to follow in seeking to unbundle TCN for privatization.”
He warned of potential disasters, saying, “The quest to ultimately hand over the Transmission infrastructure would expose the nation to blackmail and weaken the ability of the sector to transmit and distribute power around the country.”
Ajaero urged a comprehensive review of the failed privatization exercise and cautioned against repeating past mistakes.
He emphasized the need for a conscious power policy to guide the nation’s power sector and entire economy toward progress, free from undue influence by neoliberal economic forces.
