Senate urges FG to halt proposed 309bn bond

Image result for Nigerian SenateThe Senate has asked the Federal Government to stop plans to raise a 309 billion naira bond expected to finance electricity generation in the country and erase recorded shortfall in projected power availability.

In a resolution following a motion sponsored by Senator Mustapha Bukar (APC/Katsina North), the Senate urged the government to put the plan on hold pending conclusion of investigation into the matter by its committees on Power and Privatisation.

Senator Bukar said there was no need for the bond after the Central Bank of Nigeria’s intervention in March to the tune of 213 billion naira through the Nigeria Electricity Sector Intervention (NESI).

The Senate called on the Ministry of Power, Works and Housing and the Nigeria Electricity Regulatory Commission (NERC) to immediately stop the raising of the bonds by the Nigeria Bulk Electricity Trading Company (NBET).

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