President Muhammadu Buhari has expressed his administration’s commitment to providing a lasting solution to the age-long power supply problems in in the country within the next three years, Guardian reports.

Speaking at the National Economic Council retreat on the economy held at the State House Conference Centre, Presidential Villa, Abuja, Monday, March 21, 2016, the President admitted that the privatisation of the power sector has not changed anything in terms of performance.

“Nigerians’ favourite talking point and butt of jokes is the power situation in our country. But, ladies and gentlemen, it is no longer a laughing matter. We must and by the grace of God we will put things right,” Buhari said

He said his government would end power shortages which has become a monster of sort, as previous administrations have been unable to successfully surmount it.

As listed by the President, some of the problems of the sector includes, constant power cuts destroying economic activity and affecting quality of life; high electricity bills despite power cuts and low supply of gas to power plants due to vandalization by terrorists.

Others are obsolete power distribution equipment such as transformers; power fluctuations, which damage manufacturing equipment and household appliances and low voltage which cannot run an industrial machine.

Buhari also highlighted solutions to the problems – he said the government will fast-track completion of pipelines from gas points to power stations and provide more security to protect gas and oil pipelines; adding that the power companies will be encouraged to replace obsolete equipment and improve the quality of service and technicians.

He however charged the National Electricity Regulatory Commission (NERC) to ensure consumers get value for money and overall public interest is safeguarded.

The National Economic Council Retreat. which ends on Tuesday, March 22, is aimed at generating immediate, medium and long-term viable policy solutions to the economic challenges facing the country.