Senate to Probe Disbursement of N213bn Power Fund

The Senate is set to investigate the disbursement N213billion power intervention funds by the Central Bank of Nigeria, (CBN).

This is just as the Senate President 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.

A statement by the office of the Senate President said a public hearing is expected to verify the claims and counter claims of nonremittance of revenues between the Nigeria Bulk Electricity Trading Company (NBET), Electricity Distribution Companies (Discos) and Generation Companies (Gencos).

Saraki was quoted as speaking during a special stakeholders meeting to proffer solutions to the worsening electricity generation in the country. He also 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.