The President of the Senate Ahmad Lawan on Monday said Nigeria loses roughly $29 billion dollars yearly as a result of epilectic power supply.
Lawan stated this when he officially declared opened investigative hearing by the Senate Committee on Power on a motion titled: “Power Sector Recovery Plan and the Impact of Covid-19 Pandemic”.
Lawan noted that Nigeria has spent N1.8 trillion on Power since 2015 without anything concrete to show for it
Lawan called for a review of the current Power Performance Agreement signed with Distribution companies (DISCOs) and Generating Companies (GENCOs), which leaves Nigeria losing between N12billion and N15 monthly.
Lawan said the situation was not good enough; pointing out that Nigeria cannot make any meaningful progress without fixing its power sector.
He further asked the executive to henceforth present before the National Assembly all funds earmarked for the power sector for proper scrutiny.
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In her presentation, the Minister of Finance, Zainab Ahmed admitted the power sector has been a massive failure despite the huge amount of money invested by the government since 2015.
Also present at the public hearing were the Central Bank of Nigeria (CBN), Nigeria Bulk Electricity Trading Company (NBET), and the Bureau of Public Enterprises (BPE).
Editor: (Omor Bazuaye)
