The House of Representatives yesterday directed Central Bank of Nigeria (CBN) and Transmission Company of Nigeria (TCN) to stop all ongoing transactions with Power Generation Companies (GenCos).
This is as stakeholders blamed the federal government and private sector for failing to invest in the power sector.
The directive was handed by the chairman, House Committee on Power, Hon. Daniel Asuquo, at an investigative hearing on the Partial Risk Guarantee issued by the World Bank for Calabar National Integrated Power Project (NIPP), organised by the National Assembly joint Committees on Power.
Asuquo who lamented the non- transmission of electricity generated despite the N2.8 billion paid out to NBET Plc by CBN, noted that the government will continue to pay for services not rendered if the foreclosure was not put in place pending the resolution of the lingering crisis.
He said, “at first glance, it seems that the future of Nigeria has been mortgaged by government officials whose duty it is to protect it.
“It is our view that government officials must act with very high sense of responsibility in executing their official duties on behalf of our great country, Nigeria.