President Muhammadu Buhari has vowed to investigate the $16 billion spent by the Olusegun Obasanjo and Goodluck Jonathan administrations in the power over the years.
While reiterating his administration’s desire to improve power supply in the country, President Buhari disclosed that he would look into the investment in the sector by previous administrations.
According to the president, “It is a must for us to look into the investment in the power sector because nothing will work without adequate power supply in the country. The problem of the power sector is like that of the petroleum industry. We will look at how they spent the money because there is no power and nothing to show for the $16b investment by the previous administrations.”
He assured Nigerians that he would do his best to turn around the fortunes of the country through the effective utilisation of available resources.
Despite the huge investment in the sector by the previous administrations, Nigerians are still grappling with poor power supply and most companies have closed down or relocated to other countries, due to non availability of electricity for production.