The Senate has said it would not allow any hike in the price of electricity that may add to the woes of Nigerians.
Two days ago, the Minister of Power, Adebayo Adelabu, disclosed at a press conference in Abuja that Nigeria was not likely to sustain the current electricity subsidy.
He explained that the indebtedness of the country’s power sector to electricity-generating companies (GenCos) and gas companies (GasCos) had risen to over N3tn.
He said, “Today, we owe a total of N1.3tn to the power generating companies, out of which 60 per cent is owed to gas suppliers. Today we have a legacy debt, before 2014, to the gas companies of $1.3bn; at today’s rate, that is close to N2 trillion.”
The Power minister added, “What we have made provision for in the 2024 budget for subsidy is N450 billion and we will require N2.9tn for subsidy. So can we afford it? We must be realistic. Can we afford it?”
Responding to the minister and the planned increase in electricity hike, the Senate spokesperson, Yemi Adaramodu, said a minister can say a thing based on his evaluation. Still, the onus doesn’t end at his doorpost.
Adramodu said, “A minister can come out to say a thing as it applies to his ministry. But we must note that the minister is not the last voice on such issues.
“The Presidency is there, and our end at the National Assembly, we have the committee solely responsible for power matters.
“And appropriately, the committee will swing into action and then they will brief the Senate accordingly.
“When these committees swing into action, it’s not going to be the committee members alone that will be thinking and be talking. They would meet with very critical stakeholders and users of electricity which are Nigerians and users of preservative resource products which are Nigerians too. And then from there, we take it.”
Senator Adaramodu further assured Nigerians that the National Assembly particularly the Senate will protect their interests.
He said, “And I want to assure Nigerians that the 10th senate will not abandon them because it’s like we have abandoned ourselves. We are not here on our own. Whatever affects the people affects us. ”
On the incessant increase in fuel prices, the Senate spokesperson noted that the Red Chamber was working on several reports, adding that once the reports were collated, the legislature would meet with the executive and advise accordingly.
