Beams searchlight on interest
accrued to foreign reserve accounts
Damilola Oyedele in Abuja 

Due to its ongoing investigations into the activities of the players in the power sector, the House of Representatives has directed the Nigeria Electricity Regulatory Commission (NERC) to suspend any planned upward review of electricity tariff.
accrued to foreign reserve accounts
Damilola Oyedele in Abuja 

Due to its ongoing investigations into the activities of the players in the power sector, the House of Representatives has directed the Nigeria Electricity Regulatory Commission (NERC) to suspend any planned upward review of electricity tariff.
The ad hoc committee investigating the activities of Electricity Distribution Companies (DISCO) in Nigeria as it relates to infrastructure and billing, said there is an agreement with NERC that any action regarding review of electricity tariff be suspended.
In a letter dated December 15, 2015, addressed to the regulatory body, the Chairman of the ad hoc committee, Hon. Babajimi Benson cited previous correspondence on the subject.
The letter reads in part:
The letter reads in part:
“In paragraph three of our letter dated October 29, 2015 under the same subject heading, we requested you to suspend the implementation of any increase in electricity tariff until the committee concludes its investigations.
“Further recall that at the joint investigative hearing with the Committee on Power, it was agreed that any tariff increase should be suspended until all stakeholders are carried along.”
“Our attention has been drawn to various news items published in many newspapers of December 13, 2015 to the effect that your commission has concluded plans to announce the new electricity tariff to Nigerians this week.”
“It is our opinion that any plan by your commission to announce new electricity tariff will run contrary to the spirit of the letter under reference and undermines the outcome of the investigative hearing by this committee as it relates to infrastructure and billing by Electricity Distribution Companies.
“Consequently, we hereby once again, demand that you suspend the announcement and/or implementation of any increase in electricity tariff until above stated issues are concluded.”
In another development, the House directed its Committee on Finance to determine the amount of interests that has accrued to the Foreign Reserve Accounts (FRA) in the accounts in which they are being held, in the last four years.
This is as it urged the Central Bank of Nigeria (CBN) to declare the particulars of such accounts, and disclose the criteria for engagement of any and all foreign managers of the FRA, to ensure transparency, and to report annually on the performance and continued compliance of the managers with any set guidelines issued for them.
The resolution of the House followed a motion sponsored by Hon. Abdulsamad Dasuki (Sokoto APC) who noted that the interests accrued from the surplus funds held by the CBN have not been monetised into naira, or received by the federation.
He added that the contract terms under which the CBN engages foreign fund managers, have not been subjected to public scrutiny, or transparency.
“Some state have persistently agitated for discontinuance of the ‘agreement’ allowing the Federation Accounts Allocation Committee (FAAC) to decide savings or reserves from disbursable funds to the components of the federation,” he said.
Dasuki added that the entire circumstances regarding the management of the Excess Crude Accounts, is beginning to strain relations among the three tiers of government.
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