Home KNN Business SENATE CALLS FOR INCLUSION OF POWER SECTOR IN COVID-19 CRISIS INTERVENTION FUND

SENATE CALLS FOR INCLUSION OF POWER SECTOR IN COVID-19 CRISIS INTERVENTION FUND

SENATE CALLS FOR INCLUSION OF POWER SECTOR IN COVID-19 CRISIS INTERVENTION FUND

The lawmakers on Tuesday urged the Federal Government through the Federal Ministry of Finance to include the Nigerian Electric Power Sector in disbursing the proposed N500billion COVID-19 Crisis Intervention Fund.

It also urged the Central Bank of Nigeria to allow operators in the power sector access to foreign exchange for procurement as is the case in the aviation and oil industry.

The Senate urged the Federal Government to consider additional tariff support to cushion the effect of rate shock over a fixed period to allow the time required for TCN and DISCOS access funds and implement performance improvements.

This is in order to ameliorate the financial hazards and operational challenges such as the enumeration of metering of actual consumers and the recent problem arising from the Pandemic. At the plenary on Tuesday, the Senate urged the Federal Government to suspend the planned tariff increase scheduled to take effect from 1st of July, 2020 bearing in mind increased hardship resulting from the COVID-19 Pandemic