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What Happened To $1.5 Billion US Exim Bank Credit For Nigeria’s Power Sector, APC Asks: Says Jonathan Has Failed On Power

Minister of Power Prof Chinedu Nebo
Minister of Power Prof Chinedu Nebo

All Progressives Congress (APC) Presidential Campaign Organisation has asked Peoples Democratic Party (PDP) government to tell Nigerians what happened to $1.5 Billion (about N300 Billion) which the US Exim Bank provided for investors in the power sector even as it dismissed President Jonathan promise, four years ago, of improving electricity, as a ruse.
APC Presidential Campaign Organisation, in a statement by its Director of Media and Publicity, Garba Shehu, said that as at today, the government has not come out to tell the nation about the status of the credit line by US Exim Bank, lamenting: “no one can show exactly where all that money has gone.”
Garba Shehu recalled that while campaigning for the 2011 presidential elections, President Jonathan made a number of promises to Nigerians, including the rehabilitation of all existing power generation, distribution and transmission assets to give a minimum of 6,000mw of electricity; the harnessing of alternative sources of energy such as coal, wind and solar to generate an initial 13,000mw, and the unbundling of PHCN into 18 successor companies.
The APC’s Director regretted that four years after he made those promises, President Jonathan is still making more promises to Nigerians, when he clearly has no intention of fulfilling them the same way he has not fulfilled those regarding power.
He said that, in initial moves craftily aimed at convincing the nation that he was true to his word, the PDP candidate went on to create the Nigeria Bank Bulk Electricity Trading Plc. and undertook an MoU with General Electric mostly to add up to 15 percent in power projects to achieve 10,000mw addition by 2020.
“However, till date, unacceptable lapses are still seen in the power sector,” Shehu said.  “All over Nigeria, from Yola to Port Harcourt to Ibadan, Nigerians are complaining about the poor supply of electricity to their offices and homes.”
Garba Shehu said that Nigeria’s current capacity is still under 4400MW, despite the PDP government’s promise to complete all National Integrated Power Projects (NIPP) to deliver at least 4,000 MW by 2012.
“As of 2015, NIPP has not met 50 percent of what it said it would achieve by 2012,” Shehu said.  “NIPP’s involvement in the power sector requires more transparency and disclosure.”

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