CBN not in position to issue policy on DisCos remittances, says Ajaero
Joy Obakeye
The National Union of Electricity Employees, (NUEE), has kicked against the recent policy by the Central Bank of Nigeria (CBN) authorising banks to run the collection accounts of electricity distribution companies (DisCos) in Nigeria, stating that such move is counter-productive.
According to the General Secretary of NUEE, Comrade Joe Ajaero, in astatement in Lagos, the directive is not coming at the right time owing to several overhead costs causing a challenge for DisCos.
The apex bank in August, through a circular, instructed all banks standing as guarantees to electricity Distribution Companies, to ring-fence collection and remittances of monies given to both NBET and TCN.
He stressed that the CBN is not the regulatory body for the power sector, and is not in the position to give such directive.
“The CBN is not a regulatory body for the Power Sector and has very minute knowledge about its operations; and cannot be in a position to issue directives in a sector where it lacks expertise.
“Since the privatization of the Nigerian Power Sector in November 1, 2013, not much has been done towards ensuring that Electricity Consumers in Nigeria are issued prepaid meters to properly account and justify payments being made for energy consumed rather than the estimated billing system which has further placed huge financial burden on Nigerians.
Comrade Ajaero stressed that, “in the face of Global Economic down turn occasioned by the COVID-19 Pandemic, CBNs directive would further increase the unemployment index which the current Administration is working assiduously to prone down.”
According to him, the CBN’s directive would not guarantee jobs security.
“The implementation of this directive will not ensure job security and will no doubt throw thousands of Electricity workers into the Labour market thus increasing hardship and hunger on family members of those affected.”
“The CBN directive is a subtle attempt to take over jobs in the Power Sector which will be resisted. You cant work in the Financial Sector of the economy and collect your pay from the Power Sector. Enough of this usurpation.”
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Ajaero urged the Federal Government to concentrate on metering every electricity consumer in the country, instead of asking them to pay for electricity not consumed.
“We advise that the Federal Government and its Organs saddled with the responsibility of policy formulation; concentrate on metering every electricity consumer in the country rather than asking them to keep paying for electricity not consumed.
“Should the CBN proceed with this ill-timed agenda, then it should be ready to not only have its workers work in the Financial Sector but also work in the Electricity Industry, they should add Engineering and Electrical skills to CBN staff and not just revenue collection alone.”
