Ahmad Lawan, the Senate President of Nigeria has revealed that Nigeria loses about $29 billion yearly to irregular and poor power supply.
The Senate President made this known 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.
Ahmed said that 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.
Ahmed 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.
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