We have spent N1.5trn on power in the last 2 years - Osinbajo
- Vice President Osinbajo said N1.5 trillion has been sent on the power sector in the past two years
- The vice president said the power sector must be able to fund itself for the federal government to be able to fund other critical sectors
- Osinbajo added that the government is putting in place policy reforms which will ensure that Nigerians have access to affordable electricity
Vice President Yemi Osinbajo says the federal government has spent N1.5 trillion on the power sector in the past two years.
The Cable reports that Osinbajo said this on Tuesday, September 24, at the Kainji hydro power plant in Niger state.
The vice president who was represented by the minister of power, Saleh Mamman, further said the government is putting in place policy reforms which will ensure that Nigerians have access to affordable electricity.
He noted the power sector must be made to fund itself sustainably.
His words: “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.
“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 under-privileged 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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Meanwhile, a report by Bloomberg has indicated that business owners and individuals in Nigeria spend about $12 billion fueling generators every year.
The report, which quoted a survey by NOI Polls, said households with access to on-grid electricity have an average power supply of only 9.2 hours a day in the first half of 2019.
The report said almost everyone in Nigeria depends on generators to keep out darkness.
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