The House of Representatives yesterday resolved to set up an ad hoc committee to investigate the ₦701 billion-payment assurance facility plus ₦194 billion-interest payment approved by the Federal Executive Council (FEC).
The said monies are meant for emergency and long-term power sector recovery plan as interventions to ensure payment for gas supply and generation subsectors of the electricity industry.
The decision followed the adoption of a motion brought by Hon Chris Emeka Azubogu noting FEC’s approval of ₦701 billion for Nigeria Bulk Electricity Trading as an intervention in the power sector as well as other payments to Distribution Companies (DISCOS).
Azubuogu informed the House that the federal government and the World Bank Group are planning a US$2.519 billion as financial support for Nigeria Bulk Electricity Trading (NBET) as payment guaranty for the Power Generating and Gas Supplier Companies to ensure stable power supply that will drive the economy.
He acknowledged that the National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) are statutorily empowered to manage the privatisation and commercialisation programme by ensuring that the power sector reform progresses successfully.
He observed “the NCP has been properly constituted with the Vice President of Nigeria as the Chairman and the Minister of Finance as the Vice Chairman with representatives of the Ministries of Finance, Trade and Industry, National Planning, Justice and the Central Bank of Nigeria (CBN)”.
The lawmaker further observed that while the ministers of Power and Petroleum Resources are not members of the NCP, they ought to be invited to meetings that will involve energy steering committee established by the NCP, while the Chief of Staff (CoS) to the president should be invited to meetings as the representative of the Office of the President.
In its resolution, the House also mandated the committee on power to investigate the approval with a view to ensuring that the entire process was geared towards significant improvement of power supply in Nigeria and turn in its report within four weeks for further legislative action.