The minister of power, Adebayo Adelabu on Monday declared that for Nigeria to overcome electricity challenge, the country must invest minimum of $10 million annually for ten years in the power sector.
This comes as senators condemned the recent electricity hike in the country.
Adelabu spoke at the investigative hearing on the increase in the electricity tariff in 11 states in Nigeria by the senate committee on power.
In a well attended investigative hearing the Committee declared that it would sanction anyone or agency found culpable of increasing the suffering of Nigerians.
The committee chairman, Senator Eyinnaya Ababribe said that the Senate had earlier called for an investigative hearing but an agency did not honoured the invitation.
He said, “We have summoned the National Electricity Regulatory Commission (NERC). We will allow them to speak about the electricity tariff hike.
According to Senator Abaribe, the investigative hearing was hinged on two motions presented at plenary on Tuesday, 25 July 2023 and Wednesday, 21st February 2024 where the Senate by its resolutions mandated the Committee on Power to “engage with the Federal Ministry of Power, Nigerian Electricity Regulatory Commission and other stakeholders.
“The mandate of the committee is to find lasting solutions to the challenges facing the Nigerian Electricity Sector, including the need for “comprehensive sector reforms.
“We are also to investigate the over N2tn subsidy requirement as stated by the Minister of Power to avoid the repeat of fuel subsidy scenario and the statement made by the Honourable Minister with regard to the N1.3tn the Ministry is owing generating companies and 1.3 billion dollars owed to gas companies, (which I believe has increased as at today).
“Investigate the role of the Ministry of Power, NERC, and ZIGLAKS COMPANY on their failed agreement to provide meters and ensure Nigerians are not shortchanged”
The committee at the hearing also sought that electricity stakeholders provide answers on when “NERC migrated from the previous customer classes of Residential (RI, R2, R3), commercial (C1 and C2) and Demand (D1 and D2) to the present BANDS (A, B, C) for electricity customers.
