Thread by @yinkanubi

PMB yesterday re-ignited a controversy that has been on for at least 10 years. i.e. Did previous administrations spend or did not spend $16 billion on power between 1999 and 2007. Now if you have been reading the news, you might be confused as to who to believe. #$16Billion

President Buhari said $15 Billion was spent, Ex President Obasanjo said it was only $3.7 Billion spent out of $10 Billion, and one other ex law maker said no it was $13.2 Billion. So who do we believe and more importantly, how much was spent? #$16Billion

TBH, a review of existing materials on power sector spending probe between 1999 – 2015 by Govt sources (like NASS probes) & independent sources (like SERAP) will reveal a cesspool of corruption. One that clearly shows that Billions of $ was spent to generate darkness. #$16Billion

This review will include many names like Late Bola Ige, Segun Agagu, Lyle Imoke, OBJ, Yar'Adua, GEJ, Barth Nnaji, Ndudi Elumelu, Bankole Dimeji, Tambuwal and many other characters. If there is one big issue that OBJ would want to go away, it is this particular issue. #$16Billion

So when did this all start?

It started in 2008 when allegations of corruption in the award of NIPP contracts started flying around. The Bankole led HoR mandated the House committee on Power led by Hon Elumelu to probe spending in the power sector between 2000 - 2007. #$16Billion

The report of the Elumelu Committee had 88 recommendations and accused 21 persons and 36 companies of subversion of govt policy on due process which gave rise to extension of contract, inflation of costs, duplication of contract awards and general lack of performance. #$16Billion

Unfortunately, the committee's reports was shrouded in controversy & was later rejected by another adhoc committee led by Hon Tambuwal. However, statements credited to the HoR Speaker Dimeji Bankole was to the effect that #$16billion was spent and not $10B as stated by Yar ‘Adua.

How much was really spent?

The answer might lie in the report of the Senate probe into the power sector started in Sept of 2015. Unlike the Elumelu probe, the Senate extended their probe from 1999 to 2015 (covering the 16 years of the PDP administration). #$16Billion

During the hearing, PS Min of Power, Godswork Ighali said a total of N1.1Tr was released for power project within d period under review as against N1.56Tr appropriated. While MD of NIPP James Olotu said $8.2B (N1.64Tr) was spent on generation, distribution, transmission & plants

This amts to about N2.74 Trillion. According to SERAP, from testimony distilled from Taminu Yakubu a former Chief Economic Adviser while testifying before the Senate committee, the OBJ admin spent $10b on NIPP with no results in terms of increase in power generation. #$16billion

According to SERAP, The Senate committee found that $13.2Billion was expended on the power sector in 8 years while unfunded commitments amounted to $12 billion. They concluded that the total estimated financial loss to Nigeria from corruption from 1999 - date is over N11 Trillion

The report of the probe committee alleged that some of the companies that were awarded contracts were not registered with CAC and that while many of the contractors collected money & abandoned the contract, others did a very poor work in execution of their contract. #$16billion

So which amount is it? #$16Billion, $15B, $13.2B, $10B or $3.7B. I believe the media should get to work to factcheck PMB's Statement and OBJ's response. One thing we can all agree on is that Billions of USD was spent in 16 years (1999 – 2015) to produce darkness for Nigerians.

You can download the SERAP @SERAPNigeria report here. #$16billion

Warning: You might want to get a puke bag handy.
serap-nigeria.org/wp-content/upl…