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Corruption: Senate To Probe N213bn Power Intervention Fund

Senate President, Dr. Abubakar Bukola Saraki has urged the Senate Committee on Power, Steel Development and Metallurgy to conduct a public hearing into declining electricity generation in the country that currently stands at 3000 megawatts capacity.

Also, the public hearing is expected to verify the 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) as well as uncover how the Central Bank of Nigeria (CBN) disbursed the N213 billion intervention fund to the power sector.

Saraki who spoke at the weekend during a special stakeholders meeting to proffer solutions to the worsening  electricity generation in the country said the public hearing should look at the role of the Bureau of Public Enterprises (BPE) which serves as Board members in the Discos and Gencos, thereby making it difficult for the BPE to effectively supervise and audit the electricity generation and distribution companies.

He had in his opening comments 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 told the stakeholders in the power sector led by the Permanent Secretary of the Federal Ministry of Power, Works and Housing, Mr. Louis Edozien that the essence of the meeting was to proffer solutions to an imminent collapse of the electricity system  in the country.

Briefing the meeting, the Permanent Secretary, Edozien, lamented that power generation has gone down to 3000MW/H from a 7000MW/H generating capacity with a 12000MW/H connected load.

Edozien also said there was poor and declining revenue collection capacity as the Discos are remitting about 45 per cent of collectable revenue instead of the performance agreement target of 65 per cent.

Read More: dailytrust

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