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Senate President Wants Buhari To Declare State Of Emergency In Power Sector

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The Senate President,  Ahmad Lawan has  called on the Executive to, as a matter of urgency, declare a state of emergency in the power sector to overcome the legion of problems stalling steady power supply in Nigeria.

Lawan stated this on Monday while declaring open a one-day round-table discussion with the theme: “Addressing Nigeria’s Power Problems” organized by the Senate Committee on Power.

The Senate President declared that the privatization of the power sector in 2005 and 2013 was a grand scheme conceived with the intention to defraud Nigeria.

According to him, “For me if there’s any sector of our economy that is so important and yet so challenged, it is the power sector. I believe that this is a sector that needs a declaration of emergency.

“This is an opportunity for us in this round-table to exhaustively discuss not only the problems of the power sector in Nigeria but the solutions and way forward.

“The truth is that we all know what is wrong. What we really need to do is to have the political will to take on the challenges generally.

“From the electricity power reform of 2005 to the privatization of Gencos and Discos and to what is happening today, we know that everything is a fraud. If we play the ostrich, in the next ten years we will be talking about the same things.

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“I think the time has come for us to have courage. I want to remind us, that we have signed the African Continental Free Trade Agreement. What will give us an edge is to have a competitive environment.

“Our industries and businesses must be able to produce things that can compete favourably with products produced in other countries in Africa. We are not in that position today, and we all know the consequences of that.

“Even our citizens, who have capital, will rather relocate to Ghana, produce whatever they want and bring to Nigeria to sell. Where does that leave our country? No employment opportunities; Nigeria becomes a dumping ground”, he lamented.

The Senate President, therefore, called for a review of the privatization exercise undertaken by the Goodluck Jonathan administration which led to a takeover of the power sector by private Generating Companies (Gencos) and Distribution Companies (Discos).

Lawan added  that the National Assembly would make a significant contribution to the reform of the power sector through enabling legislation required to turn around the fortunes of power generation and distribution in Nigeria.

“If we went wrong with our privatization of Gencos and Discos, the time has come to look into it.

“Whatever we have to do to review these things, we should do. We must do it in the interest of the people of this country. We must admit there was something done wrong.

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“This round-table actually is an idea of the Senate, that we should come together to talk among ourselves. Ours is to provide legislative interventions, but we are also part of the government.

“Therefore, whatever that is required to support the executive arm of government to turn-around this sector, in fact we are more than prepared to do so through legislation.

“If we are going to amend the power sector reform, we are prepared to do that, and expeditiously. Tell us where the issues are, because we can’t afford to delay any action to make the power sector of this country perform.

“In the sixties, we were comparing ourselves with Indonesia, Malaysia and the rest, now we started comparing with Ghana, Togo. With all due respect, that tells us we are not making progress where other countries are.

“This round-table is an opportunity to come up with measurable roadmaps because we are not going to leave the implementation to the executive alone. We want to participate in every inch of the way.

“Every bit of what is to be done; we want to be part of it, so that we can contribute meaningfully to take the power sector to the next level.

“It is really disheartening that we are still talking about 4,000 megawatts. I don’t understand this. Other countries within Africa are talking of so much, even Ghana is three times better than what we are doing.”

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He also called on the federal government to deploy the political will towards revamping Nigeria’s failing power sector. “We are yet the largest economy in Africa, for how long can we sustain that position?

“I believe that we have to declare a state of emergency on Power, and courageous decisions must be taken by the government”, the Senate President said.

 

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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