PARIS OLYMPIC GAMES
The Senate has urged the Federal Government to refrain from removing the electricity subsidy amid the ongoing hardships in the country.
The Senate’s decision followed the adoption of a motion at plenary session on Wednesday.
Persecondnews reports that the motion on the necessity of maintaining the electricity subsidy in the country for the coming period was sponsored by Sen. Aminu Iya Abbas (PDP-Adamawa Central).
Abbas, along with 10 other senators, raised the alarm over the N1.3 trillion owed to power-generating companies and the $1.3 million owed to gas companies by the Ministry of Power.
The Senate also resolved to investigate the involvement of the Ministry of Power, the Nigeria Electricity Regulatory Commission, and Ziglaks Company regarding the unfulfilled agreement to supply prepaid meters, aiming to protect Nigeria from being disadvantaged.
Persecondnews recalls that the Minister of Power, Mr. Adebayo Adelabu, disclosed last week that the federal government could not continue to subsidize electricity.
He added that the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of N1.3 trillion to generating companies (GenCos) and $1.3 billion to owed gas companies.
Addressing journalists at a news conference in Abuja recently, the minister said only N450 billion was budgeted for subsidy this year, adding that the ministry needs over N2 trillion for it.
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