The staggering amount of money spent so far by the federal government on power has been made public.
VP Yemi Osinbajo
The Vice-President, Yemi Osinbajo has revealed that the federal government has spent N1.5 trillion on the power sector in the past two years.
Osinbajo, who was represented by the Minister of Power, Saleh Mamman stated this on Tuesday at the Kainji hydropower plant in Niger State.
He stated that the government was putting in place policy reforms that will guarantee access to affordable electricity for Nigerians.
“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.
“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,” he said.