The House of Representatives on Thursday directed Central Bank of Nigeria (CBN) and Transmission Company of Nigeria (TCN) to suspend forthwith all ongoing transactions with Power Generation Companies (GenCos).
Daniel Asuquo, chairman, House Committee on Power issued the directive during the investigate public hearing on Partial Risk Guarantee issued by the World Bank for Calabar National Integrated Power Project (NIPP), held at the instance of the joint Senate and House Committees on Power.
Some of the GENCOs had dragged Federal Government and Nigerian Bulk Electricity Trading Company (NBET) to Court over non-payment of funds meant for power generation.
Asuquo who queried CBN over the payment of N2.8 billion to NBET Plc for electricity generated but could not be transmitted, argued that if the foreclosure was not put in place pending the resolution of the lingering crisis, Federal Government would continue to play the role of Father Christmas role.
“At first glance, it seems that the future of Nigeria has been mortgaged by government officials whose duty it is to protect it.
“It is our view that government officials must act with very high sense of responsibility in executing their official duties on behalf of our great country, Nigeria.
“Let me assure that this public hearing is backed by sections 88 and 89 of the 1999 Constitution (as amended). Section 88(1&2) confers the power to conduct legislative inquiry and investigations on the National Assembly. By the provision of section 81(1&2) the National Assembly or any of its committees set up for any general or specific purposes is empowered to obtain evidence in pursuant of the exercise of its powers under section 88.
“The powers conferred on the National Assembly by these provisions are central to the oversight duties of the Parliament for the purpose of enthroning accountability, responsible governance, rule of law and transparency in the management of the nation’s resources,” Asuquo noted.
On his part, Senator Eyinnaya Abaribe who chaired the public hearing, stressed the importance of the power sector development to the socio-economic development of the country, called on stakeholders to provide relevant information that will aid the investigation.
Declaring the public hearing open, Speaker Yakubu Dogara charged stakeholders to make conscious efforts to depart from old ways of doing things and put national interest above any other.
Dogara who was represented by Pally Iriase, Deputy Chief Whip, reiterated the Legislature’s resolve to make the power sector work as the much needed catalyst for overall development.
The Committee also expressed concern over the absence of Babatunde Fashola, Minister of Power, Works and Housing; Kemi Adeosun, Minister of Finance Abubakar Malami, Minister of Justice and Attorney General and chief executive officers of power generating companies (GENCOs) as well as Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) and Special Advisers to the President on Power.
But some chief executive officers of generation companies and other stakeholders who spoke at the hearing blamed Federal Government and private sector for failing to invest in the power sector.
KEHINDE AKINTOLA, Abuja
