Thursday, 17 December 2015

Want CBN to disclose information on foreign reserve
THE House of Representatives has ordered the Nigeria
Electricity Regulatory Commission (NERC) to put on hold its
plan to increase electricity tariff until the conclusion of the
House's investigation into operations of key players in the
Its ad-hoc committee investigating the activities of Electricity
Distribution Companies (DISCOs) in Nigeria on infrastructure
and billing in a letter dated December 15th and addressed to
NERC reminding the Commission of previous
communications through which it was agreed that further
actions on the planned increase of electricity tariff be
The letter signed by Chairman of the committee, Hon.
Babajimi Benson reads; "In paragraph 3 (three) of our letter
dated 29th October, 2015 under the same subject heading, we
requested you to suspend the implementation of any increase
in electricity tariff until the committee concludes its
"Further recall that at the joint investigative hearing with the
Committee on Power, it was agreed that any tariff increase
should be suspended until all stakeholders are carried along.
"Our attention has been drawn to various news items
published in many newspapers of yesterday (Tuesday) 13
December, 2015 to the effect that your commission has
concluded plans to announce the new electricity tariff to
Nigerians this week.
"It is our opinion that any plan by your commission to
announce new electricity tariff will run contrary to the spirit
of the letter under reference and undermines the outcome of
the investigative hearing by this Committee as it relates to
infrastructure and billing by Electricity Distribution
The committee further stated that "consequently, we hereby
once again, DEMAND that you suspend the announcement
and, or implementation of any increase in electricity tariff
until above stated issues are concluded," recalling that at the
investigative hearing, it made an order that the Commission
forward the list of Ministries, Department and Agencies
(MDAs) indebted to the DISCOs.
Meanwhile, the House of Representatives has urged the
Central Bank of Nigeria (CBN) to declare, without delay, the
particulars of the accounts in which foreign reserve of the
federation are held and any interest accruable to the foreign
reserve accounts held on behalf of the federation in the last
four years and thereafter periodically.
This came as the House, which yesterday picked holes in the
management of the nation's foreign reserve accounts by the
apex bank, expressed concern over the interest accruing to the
funds in the foreign reserve accounts.


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