N400 billion after, power projects face more hurdles

ALL is not well with the Federal Government, states and local councils joint efforts to boost power supply in the country. With the three tiers of government having contributed $5.75 billion (N802 billion) on the National Integrated Power Project (NIPP) out of which half (about N400 billion) has been spent, there are strong indications that adequate and stable electricity for most Nigerians is still a tall ambition.

The new threats to the projects are recurring gas shortages to power the plants and non-remittance of monies, including $235 million by some states and local councils, to the NIPP to promptly execute the contracts. This state of the power sector, especially the independent power projects was highlighted in Abuja yesterday by Managing Director of the Nigeria Delta Power Holding Company (NDPHC), James Olotu. He said the funds for the scheme waere domiciled in a special account at the Central Bank of Nigeria (CBN) and securitised to ensure that projects paid for were delivered. He said: “The cost of the project is $5.75 billion. The amount yet to be received as part contribution is $235 million. What has been spent so far is just half of the total money.”

http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=79199:n400-billion-after-power-projects-face-more-hurdles-&catid=1:national&Itemid=559

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