Speaker of the House of Representatives, Yakubu Dogara, has described as worrisome the fact that Nigerians spend $5 billion on generators annually.
The Speaker said this at the public hearing organized by the House of Representatives Committee on Power on three Bills pending before the Green Chamber.
He therefore assured that the House would support the Executive to find a permanent solution to the power problem in the country.
Dogara explained that the lawmakers were reviewing some of Nigeria’s energy laws to provide the appropriate legal framework that would facilitate the exploitation of renewable energy to the benefit of the economy.
According to him, 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 operate, and also our offices, homes and businesses.
“It is estimated that Nigerians spend about $5bn 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 environment-friendly and is crucial to the economy of the future.
“We can only be self-sufficient in the energy field when we combine all our energy resources such as wind, solar, hydro, biomass, biofuel, landfill, sewage gas, solid waste, geothermal energy, ocean energy among others.
“Renewable energy sources are natural and often replenish themselves. 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,” the speaker said,’ he said.
