How Obasanjo spent $13bn on power – Minister

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March 12, 2008

Summary Table of Power-Related Expenditures

Presented in Current Format by NigerianMuse.com

 

 

Year

Amount Budgeted

 

Amount Loaned

Amount Loaned

Comment

1999

N6.7 billion

 

 

Budget Allocation

2000

N49.8 billion

 

 

Budget Allocation

2001

N71 billion

 

 

Budget Allocation

2002

N41.2 billion

 

 

Budget Allocation

2003

N5.2 billion

 

 

Budget Allocation

2004

N54.4 billion

 

 

Budget Allocation

2005

N70.1 billion

 

 

Budget Allocation

2006

N72.4 billion

 

 

Budget Allocation

2007.

N61.1 billion

 

 

Budget Allocation

Govt. Subtotal (1)

N431.9 billion

$3.64 billion

 

Budget Allocation

 

 

 

 

 

 

N235 billion

$1.98 billion

 

NIPP Financing

 

N770.3 billion

$6.5 billion

 

NIPP Financing

 

N60.6 billion

$0.51 billion

Euro 330 million

NIPP Financing

Govt. Sub Total (2)

N1,497.8 billion

$12.63 billion

 

Total Govt. Financing

 

 

 

 

 

 

N545.1 billion

$4.6 billion

 

 

 

N189.6 billion

$1.6 billion

 

 

Grand Total

N 2,232.5 billion

$18.83 billion

 

 

 

 

Vanguard

 

 

How Obasanjo spent $13bn on power —Minister

 

Written by Leon Usigbe & Tordue Salem   

 

Tuesday, 11 March 2008

 

*States seek refund of $3.2bn contribution to power project 

CLEARER picture of how the Obasanjo administration spent $13 billion on the power sector emerged yesterday with the Minister of State for Energy (Power), Mrs. Fatima Ibrahim, giving a breakdown of the expenditure over a period of eight years.

And following the failure of the National Integrated Power Project (NIPP) to materialise, the 36 states and the 774 councils are now demanding the refund of the $3.2 billion they contributed for its implementation, according to Governor Gabriel Suswam of Benue State.

The duo were testifying before the House of Representatives Committee on Power and Steel which is probing the huge public funds spent on power supply between 1999 and 2007 without commensurate results.

The $13 billion, according to the minister, comprised the annual budgetary allocations to the sector and foreign loans among others.

Breakdown of  budgetary allocation to power sector

She gave the breakdown of the budget allocations as N6.7 billion in 1999; N49.8 billion in 2000; N71 billion in 2001; N41.2 billion in 2002; N5.2 billion in 2003; N54.4 billion in 2004; N70.1 billion in 2005; N72.4 billion in 2006 and N61.1 billion in 2007.

Breakdown of expenditure on power

She said the sum of N235 billion; $6.5 billion and 330 million Euro were used to finance the National Integrated Power Projects (NIPP).

She said another $4.6 billion  sourced from the international creditors and $1.6 billion from Joint Venture Calls (JVCs) were also used to finance the sector during the period.

Ibrahim said although there was no evidence of misappropriation of the funds, some contracts that were paid for were abandoned by the contractors after payment.

A committee, she said, had been set up to identify such contractors and recover the money from them.

Bankole laments epileptic power

Earlier, Speaker Dimeji Bankole, while declaring the public hearing open, decried the epileptic power supply in spite of the nation’s abundant human and material resources.

Bankole charged the House committee to be firm, transparent and diligent in the investigation to salvage the nation from the persistent power problem.

In his remarks, Ndudi Elumelu, the committee chairman, said the investigation was not meant to witch-hunt or persecute any person.

Govs demand refund of $3.2bn contribution

Mr. Suswam who himself headed the House Committee before his election as governor said the NIPP was established following the setting up of the “excess crudeâ€

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