The House of Representatives will investigate a $701 Billion assurance facility payment that was approved by the Federal Executive Council (FEC) for an emergency and long-term power sector intervention. The facility payment, which will pay for gas supply and electricity generation, will cost the country a whopping $194 Billion in interest payment.

Presenting the motion on the floor of the House, Hon. Chris Emeka Azubogu (PDP:Anambra), commended the Federal Government’s (FG) efforts in working towards power supply. He also disclosed that the FG and the World Bank to provide US$2.519 Billion financial support to Nigeria’s Bulk Electricity Trading (NBET) to ensure stable power supply in the country.

However, he noted that the FEC had recently approved $701 Billion to provide intervention in the power sector and pay Nigeria’s Power Distribution Companies (DISCOS). He also drew attention to the National Council on Privatization (NCP) and the Bureau of Public Enterprises (BPE) which he described as “statutorily empowered” to manage Privatization and Commercialization Programmes and power sector reforms. He observed that, the NCP had been properly constituted with the Vice President of Nigeria as the Chairman in addition to having other representatives of its Board from the Ministries of Finance, Trade and Industry, National Planning, Justice and the Central Bank of Nigeria (CBN).

However, Hon. Azubogu suggested that the NCP extend its invitation to the Ministers of Power and Petroleum Resources on matters involving its Energy Steering Committee in view of the o facility payment. He also called for an inclusion to the Chief of Staff (COS) to the President on the basis that they were non-members of its Board.

However, Hon.Ahmad Babba Kaita (APC:Kaduna) opposed the motion and called for the House to focus on its oversight functions rather than calling for investigations on every action by the FG. Nevertheless, majority of lawmakers in the House held a different perspective and adopted the resolution as urged. The House Committee on Power has also been mandated to investigate FEC’s approval to ensure that the entire process significantly improves power supply in Nigeria. The said Committee will report back within four (4) weeks for further legislative action.