REPORT: Jonathan, Buhari govts spent N1.164 trillion on power in 8 years
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REPORT: Jonathan, Buhari govts spent N1.164 trillion on power in 8 years

- Nigerians continue to wait for steady power supply since the beginning of the fourth republic

- Successive governments have failed to fulfill their promise of delivering uninterrupted power supply

- Nigeria generates its power via four main sources – hydro, gas, coal and natural gas

A report by The International Center for Investigative Reporting indicates that the Nigerian government, between 1999 and 2010, spent over N4.7 trillion on power, but the country remained in darkness.

Eight years later, The Jonathan and Buhari administrations invested another N1.164 trillion into the sector as capital budget, but homes and factories in Nigeria are yet to be provided with constant electricity supply.

The figure, according to the report, was obtained from the Office of the Accountant General of the Federation.

Nigeria generates its power via four main sources – hydro, gas, coal and natural gas.

But for almost 20 years, huge unverified amount of money has been expended on the sector with virtually nothing to show for it.

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So far, returns on investments in the power sector have largely been discouraging, but the federal government continues to pump in more resources in terms of budgetary allocations, loans among other interventions.

A recent report shows that N6.52 trillion has been spent on Nigeria’s power sector in 16 years with no significant improvement.

Ex-President Olusegun Obasanjo administration, the report says, allegedly spent N3.52 trillion ($16 billion) during his tenure

Also, late President Umar Yar’adua was said to have spent N1.183 trillion, while the former President Goodluck Jonathan during his administration reportedly expended N1.817 trillion and President Muhammadu Buhari reportedly spent N1.5 trillion in two years, as at September.

Despite all the spendings, as of today, 90 million Nigerians still lack access to power, a situation that has crippled small businesses in the country.

In finding solutions, some experts have urged the government to embrace renewable energy.

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Some also called for the rehabilitation of obsolete power equipment to address the problems, stressing that investing in key infrastructures such as gas pipelines, equipment used in the distribution, generation and transmission of electricity, and other facilities will go a long way in addressing the issues.

Meanwhile, the national chairman of the Nigerian Institution of Metallurgical, Mining and Materials Engineers (NIMMME), Engr. Dr. Ayodeji Adeyemo has stated that Nigeria can generate almost $300billion from iron ore and lead.

Adeyemo said with the available reserves of iron ore and lead, Nigeria can generate $280billion and $12billion respectively to shore up its revenues.

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Source: Legit.ng

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