The Peoples Democratic Party (PDP) on Wednesday condemned the collapse of the country’s national grid.
A power company, the Eko Electricity Distribution Company, in a statement posted on his Twitter handle, said the grid collapsed at 11:27 a.m. on Wednesday and has been unable to receive bulk electricity from the national supply line.
The incident which was the sixth in nearly seven months this year had led to the disruption of electricity supply across the country.
Atiku, who reacted to the development in a statement posted on his Twitter handle, the former Vice President said the endless collapse of national grid was a product of distressing investment in the power sector.
He, therefore, proposed an innovative financing strategy which would lead to private investment in the power sector and others.
The statement read: “I am reliably informed that there was a total National Grid Collapse at precisely 12:23 p.m. today. This is one collapse too many. It is the 6th time this is happening this year alone.
“Due to the priority that I place on the power sector upon which the successes of other sectors are hinged, I am proposing innovative financing of infrastructure that will involve the facilitation of a review of the financial, legal, and regulatory environment to promote private investment in power, among other sectors.
“I’ll promote the incentivisation, with tax breaks, a consortium of private sector institutions to establish an Infrastructure Debt Fund (IDF) to primarily mobilise domestic and international private resources for the financing and delivery of large infrastructure projects across all the sectors of the economy.
“The IDF will have an initial investment capacity of approximately $20 billion. In addition, I’ll cause the creation of an Infrastructure Development Credit Guarantee Agency to complement the operation of the IDF by de-risking investments in infrastructure to build investor confidence in taking risks and investing capital.”