power, fuel, In response to concerns about potential increases in fuel and electricity prices amid economic challenges, the Nigerian Senate has affirmed its commitment to preventing such hikes. Senator Yemi Adaramodu, Chairman of the Senate Committee on Media and Public Affairs, provided reassurance during an interview in Abuja.
The Senate is actively engaged in oversight activities to address fears stemming from the high landing cost of petroleum and the federal government’s indebtedness to electricity generating firms. Minister of Power, Adebayo Adelabu, recently highlighted the country’s inability to sustain current electricity subsidies due to rising sector indebtedness exceeding N3 trillion.
Reports also indicate that the black-market exchange rate, reaching around N1,600 per dollar, has contributed to a significant surge in petrol landing costs, now at about N1,009 per litre. Despite these challenges, the Senate is determined to shield Nigerians from exorbitant costs for electricity and petrol.
Adaramodu emphasized the Senate’s proactive approach, citing ongoing committee probes into the Nigerian National Petroleum Corporation Limited (NNPC) and the oil sector. Committees dedicated to power matters will also play a crucial role in assessing the situation, consulting with stakeholders, and formulating recommendations for the executive.
He assured Nigerians that the Senate would not abandon them, emphasizing the shared experiences of the people and the legislators. Adaramodu also addressed the planned strike by the Nigeria Labour Congress (NLC), expressing confidence that agreements reached between the federal government and the NLC would be promptly adhered to, benefiting the entire populace.
As the Senate takes a comprehensive stance on economic challenges, Nigerians can expect continued efforts to safeguard against adverse effects on the cost of living and ensure a peaceful and economically manageable environment for all citizens.
