The Vice President disclosed that the Jonathan’s administration was involved in large – scale corrupt practices and dubious awards of contracts in the nation’s power sector, thereby resulting in the failure to generate the required level of megawatts needed to guarantee an uninterrupted supply of the product to the citizens despite the several billions of dollar invested in power generation and distribution over the years.
He further explained that the nation’s dream of generating constant and uninterrupted electricity across the country would not be achieved unless government embarks on total overhaul of the sector in the areas of generation and distribution.
The Vice President, Professor Yemi Osinbajo said this yesterday while delivering a lecture titled ‘Nigerian Economy and the Future’ during the 10th anniversary of Crescent University, Abeokuta, the Ogun State capital.
He disclosed that available records showed that series of contracts were awarded in the power sector for several years and are still ongoing without tangible improvement.
“Unfaithful to awards of contract and execution of contracts being awarded are the major challenges. Several contracts in that regards have been awarded several years back, but have not been completed.
“What is being produced now is less than 3, 000 MW. Our transmission grid today can only transmit 5, 000 MW and we need to improve on transmission capacity to transmit enough power needed to stabilise the economy. That is why the private investors have to increase capital investment in power sector.”
Professor Osinbajo revealed that though Nigeria needs more than 10, 000 megawatts of electricity to stabilise the growth of her economy, the present capacity of power transmission lines cannot distribute more than 5, 000 MW.
He explained that improvement
He further stated that the 10 per cent Gross Domestic Product (GDP) growth promised by Muhammad Buhari-led administration during the electioneering campaign can only come to reality with increasing the supply in the power sector.
Apart from increasing and improving on the generating capacity, the Vice President said the country must also work on the evacuation capacity from the present 5, 000 megawatts to level that the country would have uninterrupted power supply.
Osinbajo also maintained that the non-availability of gas has contributed principally to the drop in the number of megawatts being generated but assured the Muhammadu Buhari led-administration would ensure completion of the gas pipelines project, which has been abandoned for years.
He also said that the Federal Government would consider privatisation of transmitting aspect of power which he revealed that is still in its hands but being managed by a private company.
Osinbajo, who assured of protection of the petroleum pipelines in order to improve the power generation capacity, also revealed that about 400, 000 barrels of oil are being stolen daily in Nigeria while countries like Ghana survive on less that 150, 000 barrels per day.
He said the government will prioritise protection of oil sector adding that transparency would be the watchword of the present administration to deliver on its electoral promises.
He identified over-dependence on oil, infrastructural challenges, failed educational system and insurgency as some of the challenges facing the present economy in the country.
“Insurgency and instability of government is a major setback especially in the agricultural sector. Agriculture contributes 24 per cent to Nigeria GDP bu
No comments:
Post a Comment