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The Action Congress (AC) has said the shocking revelation by President Umaru Yar'Adua, that the Obasanjo administration spent $10 billion on the power sector in seven years without a commensurate result, has further justified the growing calls for the probe of the Obasanjo government.
The Action Congress (AC) has said the shocking revelation by President Umaru Yar'Adua, that the Obasanjo administration spent $10 billion on the power sector in seven years without a commensurate result, has further justified the growing calls for the probe of the Obasanjo government.
'We are shocked and appalled at such an unprecedented wastage of public funds by an administration that shouted itself hoarse on due process, probity, anti-corruption and financial discipline,'' the AC said in a statement, issued in Abuja on Tuesday by its National Publicity Secretary, Alhaji Lai Mohammed.
'But we are even more baffled that the same president, who announced the colossal waste of resources on the power sector has been playing hide and seek on whether or not to investigate the Obasanjo years (1999-2007), in view of the huge resources his government ploughed into the various areas, including power, roads and refineries,'' the party said.
AC wondered what the Obasanjo administration did with $10 billion, an amount that represents about half of this year's federal budget, when his government left the power sector worse than it met it in 1999.
'Could it have been that part of the money was spent on the ill-fated third term campaign? Is the wastage as a result of the emerging phantom contracts awarded in the power sector to firms partly owned by Obasanjo's first daughter, Iyabo? Or was the money spent on Obasanjo's re-election in 2003 and the subsequent installation of his puppet successor in 2007? 'Only a thorough probe of the Obasanjo administration, which many individuals and groups have been advocating, can answer these and other questions,'' it said.
Meanwhile, the AC has said the target of 6,000mw of electricity generation for 2009, set by Yar‘Adua, has shown that his administration does not appreciate the depth of the crisis in the sector and the urgency it deserves.
'We are aware that industrial analysts have said Nigeria needs to generate as much as 40,000mw of electricity to ensure an uninterrupted supply of electricity to its numerous people.
'And in view of the impact of the power sector on other sectors of the economy, especially the manufacturing sector, the target is excessively modest and shows this administration will rather proceed at a snail speed than fly in an effort to place Nigeria among the world's top economies, which incidentally has been its mantra (2020).
'While we are not advocating another spending spree, we advise the Yar'Adua administration to reach out to experts in the field and Nigeria's foreign partners for assistance in reviving the energy sector. This is because of the bandwagon effect that will result from a revived power sector on other sectors of the economy, as well as in reducing unemployment, insecurity and poverty,'' AC added.