Senate vows to probe disbursement of N213 billion Power Intervention Fund

The president of the Senate, Bukola Saraki, said the Senate would look into the disbursement of N213 billion power sector intervention fund by the Central Bank of Nigeria (CBN).

Mr. Saraki said this in a statement signed by his Chief Press Secretary, Sanni Onogu, on Saturday in Abuja.

Mr. Saraki, according to the statement, spoke during a meeting to proffer solutions to the worsening electricity generation in the country.

He said the upper chamber would verify claims and counter claims of non-remittance of revenues between the Nigeria Bulk Electricity Trading Company (NBET), Electricity Distribution Companies (Discos) and Generation Companies (Gencos).

Mr. Saraki urged the Senate Committee on Power, Steel Development and Metallurgy to conduct a public hearing on the funds as well as on the declining electricity generation which currently stands at 3,000 megawatts.

He said the public hearing should take a look at reasons behind the inability of the Bureau of Public Enterprises (BPE) to effectively supervise and audit the electricity generation and distribution companies.

The president of the senate lamented “the poor electricity supply in Nigeria and the consequences of the negative development in the efforts to move Nigeria out of the present economic recession.’’

He called on operators in the sector to work towards proffering solutions to the “imminent collapse of the electricity system in the country.’’

Leave a Reply

Your email address will not be published. Required fields are marked *