There was never a Time Nigeria Spent $16bn on Our Power Sector during Obasanjo Era or in The Last 46 Years By Ettu Mohammed
Nigeria has spent a total of $12.38 billion in the last 46 years. Between 1999 and 2019 Nigeria Spent N2 trillion and Buhari spent 45% of that fund.
The chronological timeline is shared below
1973-1998: The Nigerian government spent $1.83bn on installing 5.715GW Hydro and Gas power plants.
Please note the Nigerian Naira was stronger than the USD from 1973 till 1985 and it started tumbling from 1986 onwards.
1999-2019: Our federal lords spent a paltry N2 trillion and they expect Magic to happen.
The cash we have spent in the last 46 years in the power Sector is not up to the Annual revenue generated From the South African Electricity Sector.
N955bn+ which was released to the power ministry within the year captured exclusive of MYTO subsidies as follows:
*1999 – N11.206 billion appropriated, N6.698billion released;
*2000 – N59.064billion appropriated, N49,785 billion released;
*2001 – N103. 397 billion appropriated, N70.927 billion released;
*2002 – N54.647billion appropriated, N41.196 billion released;
*2003 – N55.583billion appropriated, N5.207billion released;
*2004 – N54.647billion appropriated, N54. 647billion released;
*2005 – N90.283 billion appropriated, N71.889 billion released;
*2006 – N74.308 billion appropriated, N74. 3 billion released;
Total – N374.65 billion ($2.88 billion) Obasanjo Regime.
*2007 – N100 billion appropriated, N99.8 billion released;
*2008 – N156 billion appropriated, N112 billion released;
*2009 – N89. 5 billion appropriated, N87billion released;
*2010 – N172 billion appropriated, N70 billion released;
Total N368.8 billion ($2.63 billion) Yardua Regime and a Grand total inclusive of MYTO subsidies N442.4 billion ($3.28 billion)
*2011 – N125 billion appropriated, N61 billion released;
*2012 – N197. 9 billion appropriated, N53. 5billion released;
*2013- N146 billion appropriated, N49 billion released;
*2014 – N69.8 billion appropriated, N48 billion released; and,
Total N211.5 billion ($1.36 billion) GEJ Regime and a Grand total of N293 billion inclusive of MYTO subsidies $1.89 billion
*2015 – N5. 240billion appropriated, no record but we can say it is not 100% funded.
*2015 -2019 N900 billion was released according to Vice President Osinbajo and another 600 billion is in the pipeline
N155b released as subsidy fund for MYTO Multi Year Tariff Order (MYTO) ($1.05 billion)
The funds were given for a period of five years. A breakdown of the interventions funds are as follows:
*2009 – N30.8 billion
*2010 -N43.2 billion
*2011 – N37.0 billion
*2012 – N11.5 billion
*2013 – N32.6 billion.
$8.23bn was released to NIPP from ECA to push our installed generating capacity with 5GW and OBJ regime released $3.08bn while the balance was spent between 2007-2015
Federal Government made $2.238 billion about N358 billion from the sale of 15 Power Holding Company of Nigeria, PHCN
Our Spending according to CBN and other verifiable sources like Budget office
(1)Obasanjo Regime -N374.65 bn $2.88 bn)
(2)Yar’adua RegimeN442.4bn ($3.28bn)
(3)GEJ Regime – N293 bn $1.89 billion
From 1999 – 2015 Nigerian Government invested N1.109 trillion inclusive of MYTO subsidies
(4)Buhari Regime – N900bn $2.95 billion
This is a grand total of N2 trillion in the last 20 years and in Dollar Value is $11 billion in twenty years
From 1973 till date Nigerian Government has spent a total of $12.83 billion and when the sold PHCN the made $2.238 billion.
The Presidential Review Panel on the NIPP set up by the NEC, said the panel found that as at 2007, total project allocations/ estimates to NIPP was $10.231 billion inclusive of the $2 billion Federal Government counterpart funding for Mambilla Hydro Power project and $1.4 billion for additional nine turbines.
out of these commitments, $3.08 billion was funded and scrutinised with advance payment guarantees from “first class” Nigerian banks and Letters of Credits issued by the Central Bank of Nigeria (CBN). $1.5 billion of the sum is still in the custody of the banks.
At no time did OBJ spend $16bn on power or the Nigerian government spend $16bn in the last 46years. It is outright falsehood.
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