Nigeria has so far Spent N1.5trn on Power – VP

Nigeria has spent a total sum of 1.5 trillion naira on power in the last two years, Vice-President Yemi Osinbajo has said.

The vice-president had noted in July that the current administration has invested N900 billion in the sector since it assumed office in 2015.

The Federal Government then approved another N600 billion intervention fund for the sector in August.

Speaking on Tuesday at the Kainji hydropower plant in Niger state, Osinbajo said the government is putting in place policy reforms that will guarantee access to affordable electricity for Nigerians.

Represented by Saleh Mamman, minister of power, the vice-president said the sector must be made to finance itself sustainably.

“The federal executive council recently approved the third round of intervention funding for the (power) sector, with a total of about N1.5tn in the last two years,” he said.

“However, if the country is to achieve its aim of channelling funding to other critical sectors of the economy, it is pertinent that structural reforms be put in place to enable the power sector to fund itself sustainably.

“These policy reforms must, however, take into consideration the need for underprivileged Nigerians to gain access to affordable electricity to power their homes and small businesses, as the government seeks to move Nigeria further up the World Bank’s doing business rankings.”

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