The Senate was told, yesterday, that the Federal Government has invested a N2.74 trillion in Nigeria’s power sector over the last 16 years (1999 to date).
The investments were made during the regimes of former President Olusegun Obasanjo; his successor, late President Umaru Yar’Adua, and President Goodluck Jonathan.
The Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, and the Managing Director, Niger Delta Power Holding Company, NDPHC, Mr. James Olotu, disclosed this before a Senate Ad-hoc Committee probing the power sector from 1999 till date.
Furthermore, Olotu revealed that contrary to popular belief, the National Integrated Power Projects, NIPPs, which gulped about $8.23 billion or N1.64 trillion were actually being funded from the Excess Crude Account, rather than from ministerial provisions.