The Chairman/CEO the Nigeria Electricity Regulatory Commission (NERC), Prof. James Momoh, has said the electricity sector needs $2.1bn to provide additional infrastructure to boost supply, bring in investors and improve the quality of life.
He disclosed this when the Senate Committee on Power on oversight function paid a visit to the NERC headquarters and other power installations in the Federal Capital Territory in Abuja.
He said that the infrastructure in the sector had deteriorated with obsolete equipment capable of generating 13, 000 megawatts installed power capacity.
He expressed regret that only 5,000 MW generated was available for distribution by the power distribution companies, stressing the need for the country to invest in modern infrastructure to improve the supply because Nigeria would in 25 years, require 17,703 MW.
He said: “We are putting strategies in place to service effective tariffs to ensure that customers are not cheated in tariff increases. We are also going to ensure that the ease of doing business is emphasized and supported. We are also promoting local content to make sure that there is Metre for all electricity consumers in Nigeria.
“We are working with the Federal Government and the Central Bank of Nigeria to ensure that there is every home in the country. We are on the same page with the National Assembly on a regulation that would ensure transparency and effectiveness.
Earlier, chairman, Senate Committee on Power, Senator Gabriel Suswam, assured Nigerians that the problems associated with the quality of electricity supply in the country would soon be addressed with a legal framework.
He added that the Senate was putting together a comprehensive Electricity Act in collaboration with the Nigerian Electricity Regulatory Commission to tackle the challenges facing the consumers, the suppliers and the regulators.