Troubled power sector gulps N2.74 trillion in 16 years – NDIPP

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The successive 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.