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Home Business News

Labour unions kick against proposed FG loan to DISCOs

Onome Ohwovoriole by Onome Ohwovoriole
August 26, 2017
in Business News
Labour unions kick against proposed FG loan to DISCOs
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Labour unions in the power sector have opposed a N39 billion by the Federal Government to Distribution Companies (DISCOs) to finance metering of consumers. According to the unions, the DISCOs in the country had run the companies for 4 years, and taking a loan shows they have done a poor job.

Joe Ajaero  General Secretary of the National Union of Electricity Employees (NUEE)  opposed the proposed loans on the basis of poor performance by the DISCOs.

“If after four years of running as private companies you (power firms) are still looking for bail-out funds or loans, then I think there is a problem, because it shouldn’t be so,” he said.

Chris Okonkwo Senior Staff Association of Electricity and Allied Companies (SSAEAC) advised DISCOs to look for alternatives.

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“Labour will not accept the borrowing of N39bn by the Federal Government to Discos for the procurement of meters. We raised this issue at the Trade Union Congress meeting and we advice you (Discos) to start looking for alternatives,

They  made the positions of their unions known at an event organized by the Abuja Distribution Company.

Minister of Power, Works and Housing Babatunde Fashola had last week stated the Federal Government’s intention to lend discos the fund to metre customers.

Unions are not looking at the bigger picture

The unions have failed to take into cognisance the positive multiplier effects of the loan. The metres that would be purchased by the DISCOS would be locally manufactured, thus creating more jobs. Availabiliy of metres reduces the use of estimated metering, which consumers have kicked against as they are given exorbitant bills. Many are often unable to pay or deliberately refuse to. An increase in revenue for the DISCOS will enable them to pay down their debts to Generating Companies, GENCOs which also owe gas suppliers.

 

Tags: DISCOSNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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