Why Reps Opposed FG’s N309bn Bond to Finance Electricity Market —Dogara

yakubu-dogara

SPEAKER of the House of Representatives, Yakubu Dogara, said, yesterday, that the National Assembly, specifically, the House of Representatives, took the resolution to halt the plan to raise a Federal Government-Secured Bond of N309 billion to finance the shortfall in the Nigerian electricity market because since the unbundling of PHCN and transfer of  businesses to privately-operated successor companies in 2013, there had been no good report from the market.

Dogara said statistics had shown an abysmal situation of things, stressing that if the trend was allowed to continue, there might be need for a fundamental re-thinking of the privatization process in Nigeria.

The speaker stated this when he declared open the investigative public hearing on the need to halt the plan to raise a Federal Government-Secured Bond of N309 billion to finance the shortfall in the Nigerian electricity market.

He said: “This public investigative hearing has been convened, sequel to the resolution of the House of Representatives requesting a halt to the plan of the Federal Ministry of Power and Nigerian Bulk Electricity Trading Company Plc, NBET, to raise a Federal Government-Secured Bond of N309 billion to finance the  shortfall in the Nigerian electricity market.

“The whole essence of the Federal Government embarking on the privatization of the defunct Power Holding Company of  Nigeria, PHCN, and the electric power sector reform programme was to bring about efficiency to the Nigerian electricity supply industry.

“Unfortunately, since the unbundling of PHCN and transfer of the businesses to the privately-operated successor companies on November 1, 2013, we have not had a good report from the Electricity Market.

“The statistics show an abysmal situation of things and if this trend continues, there may need to be a fundamental re-thinking of the privatization process in Nigeria.”

Source: Nigeria Today

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