Politics

Reps to begin probe of $2bn renewable energy investments, Tuesday

Kehinde Akintola
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The House of Representatives is set to kick off an investigative hearing regarding over $2 billion in renewable energy grants and investments aimed at developing Nigeria’s renewable energy sector from 2015 to 2024.

The two-day hearing will take place on November 5 and 6, 2024, as part of a resolution passed on June 6, 2024, to examine the dealings of relevant Ministries, Departments, and Agencies in relation to these investments.

Chairman of the House Committee on Renewable Energy, Hon. Victor Ogene, expressed concern that despite attracting significant funding, there has been no substantial improvement in Nigeria’s energy security.

He noted that the ongoing dysfunction in electricity generation and supply contradicts the intentions behind the investments and grants meant to foster development in the sector.

Hon. Ogene emphasized that the investigation is not intended as a witch-hunt but rather aims to ensure transparency and accountability in the handling of public resources.

He acknowledged the contributions of the European Union and other donor agencies for their cooperation in providing valuable information to the Committee.

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The resolution to conduct the investigation follows a motion sponsored by Okey-Joe Onuakalusi, a lawmaker representing Oshodi-Isolo II Federal Constituency in Lagos State.

He highlighted the severe challenges posed by poor electricity generation, transmission, and distribution to Nigeria’s industrial and technological advancement.

In support of the investigation, lawmakers noted past substantial investments and foreign grants aimed at creating a sustainable energy supply, including a $750 million facility approved by the World Bank in December 2023 to enhance renewable energy access for over 17.5 million Nigerians.

Additionally, the federal government’s $200 million Nigeria Electrification Project (NEP) launched in 2020 aims to provide off-grid energy to over 500,000 people across 105,000 households in rural areas.

The hearing will feature representatives from various agencies, including the Rural Electrification Agency, Nigeria National Petroleum Company Limited, Nigerian Content Development and Monitoring Board, and the Federal Ministry of Power, among others.

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