PHCN Headquarters

By Chineme Okafor

The House of Representatives Committee on Power Wednesday expressed its dismay with the Ministry of Finance for its alleged failure to provide to the Power Holding Company of Nigeria (PHCN) Abuja Distribution Company its complete budgetary allocation for the 2012 financial year.

The committee members who were on an oversight visit to PHCN Abuja Disco in Abuja expressed their disappointment with the Ministry of Finance for providing N1.2 billion out of the N3.5 billion appropriated to PHCN Abuja Electricity Disco in the 2012 budget.

Noting that the provision represents about 34 percent of the total budget of the firm in 2012, Deputy Chairman of the Committee, Mr. Ibrahim Ebbo explained that the Committee was disappointed at the development which he also said was unacceptable.

Ebbo said: “It is worrisome that only 34 percent budget release has been achieved in a critical sector as power and it is barely three months before the year ends. We are here for an on-the-spot assessment to see how the money has been utilised.

“In about a week’s time, Mr. President would be presenting the 2013 budget proposal to the National Assembly. There are so many questions begging for answers given that the 2012 budget has not been implemented as required.”

He said: “The politicians are not happy; the people especially those in the rural areas are not happy and we cannot have billions on paper as appropriations and it’s not being used appropriately.”