Yakubu Dogara, the speaker of the House of Representatives, has said the country spend an estimated $5 billion annually to power their generators.
He said the whopping sum being expended by individuals and businesses to generate power was highly detrimental to economic growth, Signal reports.
Dogara described the situation as highly unacceptable, and pledged that the House would support the Executive to find a permanent solution to the power problem.
Dogara who spoke at a public hearing by the House Committee on Power, disclosed that the National Assembly was reviewing some of Nigeria’s energy laws in order to provide the appropriate legal framework that would facilitate the exploitation of renewable energy to the benefit of the Nigerian economy.
“Power is arguably the single most important driver of the national economy. Indeed, it is difficult if not impossible, to imagine modern life without power. Our industries and factories need electricity to run; and so do our offices, homes and businesses.
“It is estimated that Nigerians spend about five billion US Dollars yearly to fuel their generators. This is an unacceptable situation and the House of Representatives stands ready to support the Executive arm of government to put a stop to this state of affairs. “Renewable energy is a source of clean energy, which is environmentally friendly and is crucial to the economy of the future.
We can only be self-sufficient in the energy field when we combine all of our energy resources such as wind, solar, hydro, biomass, bio-fuel, landfill, sewage gas, solid waste, geothermal energy, ocean energy etc.
“Renewable energy sources are natural and often replenishes itself.
Nigeria needs to invest more in renewable energy as fossil fuel is a diminishing asset.
“An appropriate legal framework to exploit renewable energy, which is nature’s gift to mankind, is not adequate in Nigeria. This makes it difficult to organise the sector in a commercially viable matter.
Herein lies the merit and strength of this Bill under consideration,” Dogara said.