Wednesday, January 16, 2008

$10b was spent on power sector over 7 years with no results

"The Action Congress (AC) has said the shocking revelation by President Umaru Yar’Adua, that the Obasanjo Administration spent $10b on the power sector in 7 years without a commensurate result, has further justified the growing calls for the probe of the Obasanjo government.

AC wondered what the Obasanjo Administration did with $10 billion, an amount that represents about half of this year’s federal budget, when his government left the power sector worse than it met it in 1999.

Former President Yar'Adua

Meanwhile, the AC has said the target of 6,000mw of electricity generation for 2009, set by Yar‘Adua, has shown that his Administration does not appreciate the depth of the crisis in the sector and the urgency it deserves.

'We are aware that industrial analysts have said Nigeria needs to generate as much as 40,000mw of electricity to ensure an uninterrupted supply of electricity to its numerous people.'"

-My Naija News, a local Nigerian news company.

The fact that the same administration that pledged to reduce corruption also spent half of a years of the country's budget with no apperent result and likely used it to their own benefit is very disheartening. Any respect that Nigeria's anti-corruption agency had is now likely on shaky grounds.

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