Obasanjo spent only $3 billion on power out of the $16 billion allocated – Buhari

The $16 billion attributed to Obasnajo to have been spent on power
emanated from a controversial national assembly inquest into the
power sector.

Whereas, $16 billion was projected for the holistic transformation
of the power sector by the Obasanjo administration, less than $4
billion was actually expended available records have shown.
The power sector in 1999 when the Obasanjo administration came
in was in a very poor state.

As a result of long years of neglect by successive administrations,
the various power stations in Jebba, Shiroro, Kainji, Egbin, afam
and Delta could only generate a paltry 1,500 megawatts.

The first step taken by the Obasanjo administration to improve
power supply was to successfully revamp the existing power
plants that resulted into increased output of 2,500 megawatts
bringing the total output available to Nigerians from the national
grid to 4,000 megawatts.

Further expansion of power infrastructure saw the Obasanjo
administration conceptualization and initial execution of ten power
plants across the country with capacity to generate 12000
megawatts of electricity.

These projects were funded from the savings of the Obasanjo
administration from the excess crude account.

Out of the estimated cost of 10 billion USD, only about 3.7 billion
USD was expended as the time of the complete procurement of the
first phase of power plants in 2007.

4 Comments

  1. Hmm u see

  2. ….lk I care reading this

  3. Ok

  4. Good update.

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