Senate President Ahmad Lawan on Monday June 15, made it known that Nigeria records an amount of $29 billion loss yearly to irregular and poor power supply.
The Senate President who disclosed this as he made a declaration to open an investigative public hearing on a motion entitled: “Power Sector Recovery Plan and the Impact of Covid-19 Pandemic” which will be organised by the Senate Committee on Power in Abuja, revealed that about N1.8 trillion has been spent on power since 2015 with no tangible achievement in the sector.
Lawan urged the Federal Government to make a review of the privatisation of the sector, as he note that there is still no improvement in the power sector which brings about huge financial losses to the government monthly.
The Nation reported that the Senate President also made a disclosure that the Share Purchase Agreement between the Federal Government, Distribution Companies (DisCos), Generating Companies (GenCos), is the cause for the loss of between N12billion and N15 monthly.
“So, for us in the National Assembly, particularly in the Senate, we have been very concerned. I believe that we all understand how Nigeria has remained undeveloped, especially when we are talking about manufacturing, empowering our artisans, the vulcanisers, the barbers. Nigeria cannot be competitive.’’