The Senate has declared that it will not consent to any increase in electricity prices that will worsen Nigerians’ situation.
Adebayo Adelabu, the Minister of Power, stated two days ago at an Abuja press conference that Nigeria was unlikely to continue receiving the current electricity subsidy.
He clarified that the nation’s power sector now owed about N3 trillion to gas and electricity businesses, or GenCos and GasCos, respectively.
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.”
He 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?”
The Senate spokesperson, Yemi Adaramodu, responded to the minister and the proposed rise in electricity rates by stating that a minister is only allowed to express opinions based on their assessment. But the responsibility doesn’t stop at his doorpost.
“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,” Adaramodu stated.
“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 gave Nigerians more assurance that their interests would be safeguarded by the National Assembly, in especially the Senate.
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. ”
The spokesman for the Senate expressed concern over the ongoing rise in fuel prices, stating that the Red Chamber was working on multiple reports and that the legislature will meet with the executive and provide recommendations after the findings were compiled.