The Chairman of the House Committee on Power, Victor Nwokolo, has called for increased funding of the power sector amid the electricity outage rocking the country.
The lawmaker made the call at the inauguration of the headquarters of the Nigerian Electricity Liability Management Company (NELMCO) in Abuja on Thursday.
He said that the call became necessary following the 2025 budget performance of the Ministry of Power and its agencies presented to the National Assembly.
This is according to a report by the News Agency of Nigeria.
The chairman said that the power sector is a critical driver of the economy and that prompt funding of power projects would catalyse economic activities.
Also speaking at the event, the Chairman of the Senate Committee on Power, Enyinaya Abaribe, said the new edifice would not only create a conducive atmosphere for staff members to do their work but also save the government funds spent on rented workplaces.
According to him, NELMCO plays a strategic role in the management of legacy liabilities and the facilitation of investments in the power sector, thereby promoting a competitive electricity market.
The Managing Director of NELMCO, Mojoyinoluwa Dekalu-Thomas, said the company had successfully verified and settled billions in inherited obligations to international oil companies (IOCs), gas suppliers, equipment vendors, state governments, and erstwhile staff members.
The managing director said the settlements included over N100 billion in direct payments to creditors, negotiated savings of N700 billion, transfer of N1.3 trillion to other Federal Government agencies, and the writing off of nearly N1 billion.
Power supply has been erratic in recent times, with many Nigerians and business owners lamenting electricity outages.
Industry data shows that as much as 68% of power plants have been unable to operate optimally due to gas shortages and payment disputes across the value chain, leading to frequent drops in generation levels.