Osinbajo: We’ve spent N1.5trn on power so far

Vice-President Yemi Osinbajo says the federal government has spent N1.5 trillion on the power sector in the past two years.

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.

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.”