The Home of Representatives Committee on Renewable Vitality has invited stakeholders to an investigative listening to on the $2bn renewable vitality grants and investments in Nigeria.
In response to the Committee, the funding has not had a proportional affect on the nation’s vitality safety challenges.
In July 2024, President Bola Tinubu disclosed on the Africa Pure Useful resource and Vitality Funding Summit in Nigeria that the nation had attracted over $2bn of funding within the sector up to now decade.
“Over the previous decade, Nigeria has attracted over $2bn in funding within the renewable vitality sector, making it a fast-growing a part of the economic system. Our dedication is to proceed on this path and appeal to extra non-public sector involvement within the renewable vitality house, together with manufacturing regionally produced photo voltaic panels and batteries.
“By encouraging native manufacturing of kit, we are able to cut back implementation prices, thereby decreasing the edge for electrification,” the President was quoted as saying.
Scheduled for Tuesday and Wednesday, 5 and 6 November 2024, the investigative listening to follows the mandate given to the Committee on 6 June 2024 to research Ministries, Departments, and Companies concerned in investments, procurement, and receipt of grants for renewable vitality sector improvement.
In a press release issued on Sunday by the Committee Chairman, Victor Ogene, in Abuja, the probe will cowl the interval from 2015 to 2024.
The lawmaker stated the Home was shocked that “Regardless of the federal government attracting over $2bn in renewable vitality investments up to now decade, as reported by the Rural Electrification Company in 2023, there was no noticeable enchancment within the sector.
“The Home of Representatives was alarmed that the dysfunctional electrical energy technology and provide system persists, opposite to the goals behind authorities investments and grants aimed toward creating the renewable vitality sector. Therefore, the decision to probe these investments to find out the integrity of the procurement and execution processes.”
He famous that the probe will not be a witch-hunt however an train to discourage shady dealings and promote transparency and objectivity in managing authorities or public assets.
The Home’s resolutions adopted the adoption of a movement titled “Have to Examine Investments within the Renewable Vitality Sector and Overseas Grants Obtained from 2015 Until Date,” sponsored by the lawmaker representing Oshodi-Isolo II Federal Constituency, Lagos State, Mr Okey-Joe Onuakalusi.
Main the controversy, the lawmaker stated the parliament was conscious that poor electrical energy technology, transmission, and distribution pose a major menace to the nation’s industrial and technological improvement targets.
In response to the lawmakers, successive governments since 2015 have made substantial investments and attracted multimillion-dollar overseas grants for Nigeria’s renewable vitality subsector to create a viable and sustainable different vitality provide.
They famous that in December 2023, the World Financial institution permitted a $750m facility to spice up renewable vitality in Nigeria, aiming to supply over 17.5 million Nigerians with improved entry to electrical energy by distributed renewable vitality options.
In addition they famous that in 2020, the Federal Authorities launched a $200m renewable vitality undertaking, the ‘Nigeria Electrification Mission,’ focused at offering off-grid vitality to over 500,000 folks throughout 105,000 households in rural communities, funded by the African Growth Financial institution.
Companies invited to the general public listening to embody, however should not restricted to, the Rural Electrification Company, Nigerian Nationwide Petroleum Firm Restricted, Nigerian Content material Growth and Monitoring Board, Nigerian Sovereign Funding Authority, Nationwide Company for Science and Engineering Infrastructure, and the Ministry of Petroleum Assets.
Additionally invited are the Nation Consultant of the European Union, Union Financial institution Plc (Compliance Division), Ministry of Science, Know-how and Innovation, Federal Ministry of Energy, Vitality Fee of Nigeria, and Federal Ministry of Finance.
Different invited entities embody the Niger Delta Energy Holding Firm, Federal Ministry of Marine and Blue Financial system, Federal Ministry of Setting and Ecological Administration, Federal Ministry of Petroleum (Gasoline Assets), Niger Delta Growth Fee, United States Company for Worldwide Growth, Federal Ministry of Price range and Financial Planning, Federal Ministry of Agriculture and Meals Safety, Accountant Basic of the Federation, and Renewable Vitality and Vitality Effectivity Associations, amongst others.