{"id":6681,"date":"2024-11-28T16:42:09","date_gmt":"2024-11-28T16:42:09","guid":{"rendered":"https:\/\/shakamomodu.com\/?p=6681"},"modified":"2024-11-28T16:42:09","modified_gmt":"2024-11-28T16:42:09","slug":"senate-pledges-legislative-action-on-n1-6-trillion-power-sector-debt","status":"publish","type":"post","link":"https:\/\/shakamomodu.com\/index.php\/2024\/11\/28\/senate-pledges-legislative-action-on-n1-6-trillion-power-sector-debt\/","title":{"rendered":"Senate Pledges Legislative Action on N1.6 Trillion Power Sector Debt"},"content":{"rendered":"

The Nigerian Senate<\/strong> has vowed to resolve the N1.6 trillion debt<\/strong> owed to Egbin Power Plc<\/strong>, alongside other pressing issues in the power sector. This commitment was made during an oversight visit to the Egbin Power plant in Ikorodu, Lagos, led by Senator Emmanuel Udende, Deputy Chairman of the Senate Committee on Privatisation and Commercialisation.<\/p>\n

\n

Key Challenges in the Power Sector<\/strong><\/h3>\n

1. Outstanding Debts and FX Constraints<\/strong><\/h4>\n

Senator Udende noted that Egbin Power has managed to remain operational despite the staggering debt owed by the government. He promised legislative measures to address this, including motions or amendments to existing laws to support privatised power companies.<\/p>\n

Egbin\u2019s CEO, Mokhtar Bounour<\/strong>, highlighted challenges like:<\/p>\n

    \n
  • Lack of access to foreign exchange (FX)<\/strong>.<\/li>\n
  • Unpaid debts that hinder operations.<\/li>\n
  • Difficulty sourcing affordable domestic gas.<\/li>\n<\/ul>\n

    2. Vandalism of Infrastructure<\/strong><\/h4>\n

    The Transmission Company of Nigeria (TCN)<\/strong> revealed that between January 2024 and now, 128 transmission towers<\/strong> had been destroyed, costing the government \u20a68.8 billion<\/strong> for repairs.<\/p>\n

    TCN’s CEO, Suleiman Abdulaziz<\/strong>, lamented that suspects apprehended for vandalism were often bailed due to misclassification of their crimes as theft.<\/p>\n

    3. Inconsistent Grid Stability<\/strong><\/h4>\n

    Grid collapses and limited military support for contractors in high-risk areas have further hindered progress in power transmission.<\/p>\n

    \n

    Government and Legislative Interventions<\/strong><\/h3>\n

    Senate Action<\/strong><\/h4>\n

    Senator Udende assured that the committee would explore comprehensive solutions to the sector’s issues, pledging legislative backing to stabilize operations and address sabotage.<\/p>\n

    Collaboration with Global Institutions<\/strong><\/h4>\n

    The Minister of Power<\/strong>, Chief Adebayo Adelabu, revealed partnerships with the World Bank<\/strong> and the African Development Bank (AfDB)<\/strong> under the Mission 300 Project<\/strong>, aimed at providing electricity to 50 million Nigerians by 2030.<\/p>\n

    This initiative will involve:<\/p>\n

      \n
    • Solar systems<\/strong>, mini-grids, and micro-grids.<\/li>\n
    • Grid extensions<\/strong> in feasible locations.<\/li>\n<\/ul>\n
      \n

      Call for Community Support<\/strong><\/h3>\n

      Egbin Power\u2019s Director, Kola Adesina<\/strong>, emphasized the need for a community-driven approach<\/strong> to combat vandalism and energy theft. He advocated for a value-based system to foster collaboration between security agencies, communities, and the private sector.<\/p>\n

      “It\u2019s a value system issue that needs urgent attention,”<\/em> Adesina remarked.<\/p><\/blockquote>\n

      \n

      Outlook<\/strong><\/h3>\n

      With a renewed focus on private-public partnerships, legislative action, and global collaboration, Nigeria’s power sector is poised for transformation. However, addressing debts, vandalism, and infrastructure challenges remain critical to achieving stable and sustainable electricity supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

      The Nigerian Senate has vowed to resolve the N1.6 trillion debt owed to Egbin Power Plc, alongside other pressing issues in the power sector. This commitment was made during an oversight visit to the Egbin Power plant in Ikorodu, Lagos, led by Senator Emmanuel Udende, Deputy Chairman of the Senate Committee on Privatisation and Commercialisation. […]<\/p>\n","protected":false},"author":3,"featured_media":6684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[35],"tags":[],"class_list":["post-6681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/6681"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=6681"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/6681\/revisions"}],"predecessor-version":[{"id":6685,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/6681\/revisions\/6685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/6684"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=6681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=6681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=6681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}