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In Abuja Reps turn down FG’s request for N309bn power sector bond

Federal Ministry of Power/Works and Housing is supposed to float the bonds through the Nigeria Bulk Electricity Trading Company.

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Chambers of the Nigerian House of Representatives.

(tvcnews)

The House of Representatives have opposed the Federal Government’s request to float a N360b bond for the financing of the power sector.

Punch reports that the Reps passed a resolution saying “The House is also worried that in spite of that intervention, the shortfall, instead of being wiped out, has continued to escalate at the rate of about N15bn per month (equivalent to N500m daily), rising to a total -market shortfall ofN400bn as of December 31, 2015.”

The resolution also added that “Market shortfall is a disincentive action for new investors to venture into the Nigerian electricity market, the implication being that the projected generating capacity expansion is an illusion since any increment in generating capacity would further escalate the market shortfall.

“Also concerned that the Discos, which collect revenues, fail to remit in full to other market participants, without any measures put in place by the Nigerian Electricity Regulatory Commission to block the leakages and there are no sanctions/penalties for defaulters.

READ: Fashola unfolds 13-point agenda to revive power sector

“Disturbed that despite there has being no noticeable improvement in the electricity sector, either in the area of generation, transmission or distribution, tariffs have been increased twice since 2013.”

Reports say the  Federal Ministry of Power/Works and Housing is supposed to float the bonds through the Nigeria Bulk Electricity Trading Company.

Minister of Power, Works and Housing, Babatunde Fashola has also revealed that his children are suffering the effects of the poor power situation in the country.

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