President Muhammadu Buhari said his administration has transformed the power sector with various investments. He made this known on Friday during his 2023 Budget presentation at the National Assembly.
During Buhari’s seven years tenure, Nigeria’s power grid has collapsed 100 different times, throwing Nigerians into darkness, with households and businesses increasing their dependence on alternative power sources.
This year, the power grid has collapsed six times in 10 months, while between 2010 and 2020, it has crashed 216 times. Despite this indicating Buhari’s administration is struggling to keep the unstable light on, he said the power sector has been transformed.
Buhari told the National Assembly that his administration has provided bespoke interventions such as the Siemens Power Program, which would gulp $2 billion in investment.
He said to reform the power sector, funds have also been drawn from the World Bank, International Finance Corporation, African Development Bank, JICA as well as the Central Bank of Nigeria (CBN).
“We have transformed Nigeria’s challenging power sector, through bespoke interventions such as the Siemens Power Program, with the German government under which over 2 billion US Dollars will be invested in the Transmission Grid.
“We have leveraged over billions of US dollars in concessional and other funds from our partners at the World Bank, International Finance Corporation, African Development Bank, JICA as well as through the Central Bank of Nigeria, working with the Finance Ministry, to support the power sector reforms.
“The Central Bank has also been impactful in its interventions to roll out over a million meters to on-grid consumers, creating much needed jobs in assembly and installation. Our financing interventions have recently been complemented with the takeover of four electricity distribution companies and the constitution of the Board of the Nigeria Electricity Liability Management Company.
“On the generation side, we have made significant investments in and incremental 4,000MW of power generating assets, including Zungeru Hydro, Kashimbila Hydro, Afam III Fast Power, Kudenda Kaduna Power Plant, the Okpai Phase 2 Plant, the Dangote Refinery Power Plant, and others.”
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