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-Kehinde Ayoola JP (Writes Buhari Exposing Detail Of Expenses On Power From 1973 To 2015 That Buhari Took Over)

Dear President Buhari,

Sir, it is sad you can push fictitious figures out just to score political point when you have all the available information at your fingertip.

I believe this type of narratives suits the person of Alhaji Lai Mohammed.

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There was never a time Nigeria spent $16bn on the dead power sector during the Obasanjo era or in the last 45years.

The chronological timeline is shared below

1973-1998

The Nigerian government spent $1.83bn on installing 5.715GW Hydro and Gas power plants.

Pls note the Nigerian Naira was stronger than the USD from 1973 till 1985 and it started tumbling from 1986 onwards.
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*1999-2015*

Our federal lords spent

N955bn+ which was released to the power ministry within the year captured

as follows:

*1999 – N11.206 billion appropriated, N6.698billion released;

*2000 – N59.064billion appropriated, N49,785 billion released;

*2001 – N103. 397 billion appropriated, N70.927 billion released;

*2002 – N54.647billion appropriated, N41.196 billion released;

*2003 – N55.583billion appropriated, N5.207billion released;

*2004 – N54.647billion appropriated, N54. 647billion released;

*2005 – N90.283 billion appropriated, N71.889 billion released;

*2006 – N74.308 billion appropriated, N74. 3 billion released;

*2007 – N100 billion appropriated, N99.8 billion released;

*2008 – N156 billion appropriated, N112 billion released;

*2009 – N89. 5 billion appropriated, N87billion released;

*2010 – N172 billion appropriated, N70 billion released;

*2011 – N125 billion appropriated, N61 billion released;

*2012 – N197. 9 billion appropriated, N53. 5billion released;

*2013- N146 billion appropriated, N49 billion released;

*2014 – N69.8 billion appropriated, N48 billion released; and,

*2015 – N5. 240billion appropriated, no record but we can say it is not 100% funded.

N155b released as subsidy fund for MYTO Multi Year Tariff Order (MYTO)

The funds were given for a period of five years. A breakdown of the interventions funds are as follows:

*2009 – N30.8 billion

*2010 -N43.2 billion

*2011 – N37.0 billion

*2012 – N11.5 billion

*2013 – N32.6 billion.

$8.23bn was released to NIPP from ECA to push our installed generating capacity with 5GW and OBJ regime released $3.08bn while the balance was spent between 2007-2015

Federal Government made $2.238 billion about N358 billion from the sale of 15 Power Holding Company of Nigeria, PHCN.

Adding all up with what we earned we spent a total of $13.38bn between 1999-2015.
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The Presidential Review Panel on the NIPP set up by the NEC, said the panel found that as at 2007, total project allocations/ estimates to NIPP was $10.231 billion inclusive of the $2 billion Federal Government counterpart funding for Mambilla Hydro Power project and $1.4 billion for additional nine turbines.

out of these commitments, $3.08 billion was funded and scrutinised with advance payment guarantees from “first class” Nigerian banks and Letters of Credits issued by the Central Bank of Nigeria (CBN). $1.5 billion of the sum is still in the custody of the banks.

At no time did OBJ spend $16bn on power or the Nigerian government spent $16bn in the last 45years. it is outright falsehood peddled from the highest office of the Federal Republic of Nigeria.


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