Home » Headline » Senate Probe: Obasanjo, Yar Adua and Jonathan splashed N2,7trillion on power
Senate Probe: Obasanjo, Yar Adua and Jonathan splashed N2,7trillion on power
N2,7 trillion spent on power: Where did it go?Senate wants to know

Senate Probe: Obasanjo, Yar Adua and Jonathan splashed N2,7trillion on power

The regimes of former Presidents Olusegun Obasanjo, the late President Umaru Musa Yar’Adua and immediate past President Goodluck Jonathan committed N2.74 trillion to the troubled power sector in Nigeria.
The huge expenditure was disclosed by the Ministry of Power and the Niger Delta Independent Power Project (NDIPP) during the probe of spending in the sector by the Senate.
In his presentation before the Ad hoc Senate Committee on probe of power sector, the Permanent Secretary Ministry of Power, Ambassador Godswork Ighali said a total of N1.1 trillion was released for power project within the period under review.
He disclosed that for power projects, the Federal Government appropriated a total sum of the sum of N1.56 trillion, less the releases to the NIPP.
According to him, the amount represented a release of N948.2 billion and the sum of N155 billion as subsidy to cushion the expected shortfall in the revenue flow for the power projects.
Also giving account of spendings by the NIPP within the period, the Managing Director, Mr James Abiodun Olotu said the sum of $8.234 (N1.640) was spent on power generation, distribution, transmission and gas plants. This means for the period in the review over N2.7trillion was spent by the Public Sector.

During his presentation, Amb. Igali noted that there has been significant improvement in power generation due to reduction in the destruction of pipelines which has caused free flow of gas to generating facilities, he revealed that the nation now generates slightly over 4,000 megawatts of electricity.

Leave a Reply

Your email address will not be published.

%d bloggers like this: