October 24, 2018

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How $8.5b was released for power projects in 13 years (Nation)

How $8.5b was released for power projects in 13 years (Nation)

The controversy over the $16billion power projects in the country raged on yesterday with a highly-placed source linked with the Niger Delta Power Holding Company (NPDHC) claiming that between $$8.4billion and  $8.58billion, out of the projected cash, was allocated.

The release of the $8.58billion was between 2005 and 2018, which covered about 13 years (2005-2018) under the administrations of ex-President Olusegun Obasanjo, ex-President Umaru Yar’Adua, ex-President Goodluck Jonathan and President Muhammadu Buhari.

The cash backing had included $2.2billion from 2005- 2007; $600million in 2008; about $5.37b released from 2010/2011 to date; $150m-$200m made available to NNPC by CBN; and about $80million for Ibom Plant.

It was also learnt that the  25 per cent contribution by the Federal Government to Mambilla Hydro-Power Plant , amounting to about $1.8billion- $2billion, was not released, until President Muhammadu Buhari resolved the challenge. Read more

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