Nigeria loses $29b to power failure yearly – Senate President, Ahmad Lawan

Nigeria loses $29b to power failure yearly - Senate President, Ahmad Lawan

Senate President Ahmad Lawan on Monday June 15, revealed that Nigeria loses about $29 billion yearly to irregular and poor power supply.

The Senate President who revealed as he declared open an investigative public hearing on a motion entitled: “Power Sector Recovery Plan and the Impact of Covid-19 Pandemic” organised by the Senate Committee on Power in Abuja, said about N1.8 trillion has been spent on power since 2015 with no tangible achievement in the sector. 

He called for a review of the privatisation of the sector by the Federal Government, as he pointed out that there is still no improvement in the power sector which accrues huge financial losses to the government monthly.

The Nation reported that Lawan also said that the Share Purchase Agreement between the Federal Government, Distribution Companies (DisCos), Generating Companies (GenCos), is responsible for the loss of between N12billion and N15 monthly.

He added; 

“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.’’