Vice-President, Yemi Osinbajo on Saturday stated that corruption in Nigeria’s power sector by past administrations was responsible for epileptic power supply in the country.
Osinbajo lamented that despite billions of dollars invested in power generation and distribution over the years by the government, businesses and Nigerians still suffer.
The Vice-President while delivering the 10th Anniversary Lecture of Crescent University, Abeokuta tagged “The Nigerian Economy and the Future”, called for total overhaul in the sector in terms of generation and distribution.
The VP said: “Though Nigeria needs more than 10,000MW to stabilise economic growth, the present capacity of power transmission lines cannot distribute more than 5,000 MW since the improvement works on transmission lines have been stagnant over years and should be improved upon if Nigeria must achieve tangible output from the sector”.
“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 economy. That is why the private investors have to increase capital investment in power sector.”
Osinbajo added that some tough decisions be taken to put the country back on the path of genuine growth and development in line with the All Progressives Congress, APC, programmes. He assured that President Muhammadu Buhari-led administration would work hard to make Nigeria’s economy strong globally
