Business

Despite privatization, FG has spent N5tn on power sector in last 6yrs —Osinbajo

Published

2 years ago

September 25, 2019

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Vice-President Yemi Osinbajo, on Tuesday, said that the Federal Government had spent N5tn on the power sector despite privatisation, six years ago.

He also said no power distribution company in Nigeria has paid tax to the Federal Government since the sector was privatised six years ago.

The Vice-President spoke on Tuesday during a power sector event at Kainji Hydro Power Plant in Niger State.

He said, “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.”

Osinbajo, who was represented by the Minister of Power, Sale Mamman, stated that the Federal Government had continued to support the sector through interventions and appropriate policies; even as he stressed that no government venture would thrive without the private sector playing a fundamental role.

“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.”