Vice-President Yemi Osinbajo has disclosed that the Federal Government
has spent N1.5 trillion on the power sector in the past two years.
Speaking on Tuesday at the Kainji hydro power 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 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.”
In July, the vice-president said the administration has invested N900
billion in the sector since it assumed office in 2015.
In August, the federal government approved another N600 billion
intervention fund for the sector.
