In order to stop the increase in energy rates, the Federal Government must provide N3.2 trillion in subsidies to the electrical industry by 2024, according to the Nigeria energy Regulatory Commission (NERC).

This was revealed by NERC chairman Sanusi Garba on Thursday at a stakeholders’ meeting held at the National Assembly Complex in Abuja, which was called by the House of Representatives Committee on Power.

Garba warned that the power industry’s present investments were insufficient to ensure a consistent supply of electricity and warned that the industry would perish if nothing significant was done to solve its problems.

He stressed that before the recent review in tariff, Distribution Companies (DISCOS) were only obliged to pay 10 per cent of their energy invoice, adding that the lack of cash backing for subsidy is creating a liquidity challenge in the sector.

The chairman also said non-payment of subsidies was responsible for the continued dip in gas supply and power generation, adding that the continuous decline of generation and system collapse is largely responsible for liquidity challenges.

“If sitting back and doing nothing is the way to go, it would mean that the National Assembly and the Executive would have to provide about N3.2 trillion to pay for subsidy in 2024,” Garba said.

He added that only N185 billion of the N645 billion subsidy in 2023 has been cash-backed, leaving a funding gap of N459. 5 billion.

In his intervention, the Chairman, House Committee on Power, Victor Nwokolo said the meeting was aimed at addressing the recent increase in tariff and the issue of band A and others.

Nwokolo said officials of NERC and DISCOS have given the committee useful information but revealed that the committee has not concluded with the commission because Transmission Company of Nigeria Generation Companies were not at the meeting.

“We will hold further consultations with them by next week. But from what they have said, which is true, is that without the change in tariff, which was due in 2022, the industry lacks the capital to bring the needed change.

“Of course, with the population explosion in Nigeria, the areas being covered are beyond what they have estimated in the past and because they need to expand their network, they also needed more money,” Nwokolo said.

Yahaya Bello, the immediate former governor of Kogi State, was placed on a watchlist by the Nigerian Immigration Service (NIS) on Thursday. This occurred just hours after Bello was listed as wanted by the Economic and Financial Crimes Commission over allegations that he had laundered N80.2 billion in money.

The April 18, 2024, circular was signed by DS Umar, Assistant Comptroller of Immigration, on behalf of Comptroller-General Kemi Nandap.

The service provided information about the former governor, including his name, nationality, and passport number (B50083321). It further stated, “I am directed to inform you that the above-named person has been placed on the watch list.”

“Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.”

Earlier, the EFCC declared Bello wanted, asking members of the public with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

The anti-graft commission had earlier stated that it would arraign the former governor before a Federal High Court sitting in Abuja on Thursday.

This came after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend Bello.

Bello, alongside three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, were to be arraigned before Justice Emeka Nwite on 19 counts related to money laundering.

But drama ensued when officers of the Nigeria Police Force foiled the EFCC’s attempt to arrest Bello at his Abuja residence on Wednesday.

A group of armed men, identified as “Special Forces,” along with officers from the Nigeria Police Force, intervened to prevent the EFCC operatives from apprehending him.

It was earlier reported that Usman Ododo, the incumbent governor of Kogi State, had interfered to prevent the arrest of his predecessor.

Ododo’s security team reportedly escorted Bello out of the location in the governor’s vehicle.

Yahaya Bello, the former governor of Kogi state, has been declared wanted by the EFCC.

He reportedly evaded arrest yesterday when the commission visited his home to enforce arrest.

More to come…