Over 100m Nigerians Live Below Poverty Level- VP Osinbajo Speaks

Vice-president, Yemi Osinbanjo who

delivered the 10th anniversary lecture

of Crescent University, Abeokuta,

tagged,

“The Nigerian Economy and the

Future”, yesterday said that some tough

decisions would have to be taken to put

the country back on the path of genuine

growth and development in line with

the All Progressives Party (APC)

programme.

He also said that large-scale corrupt

practices and dubious awards of

contract in Nigeria’s power sector by

past administrations were responsible

for inadequate and epileptic power

supply in the country.

He said that despite several billions

dollar-investment in power generation

and distribution over the years by

government, businesses and Nigerians

still suffer greatly on account of

electricity and suggests that there

should be a total overhaul in the sector

in terms of generation and distribution

if all efforts on power production must

be achieved.

According to him, records showed that

series of contracts were awarded in the

power sector for several years and are

still ongoing without any real

improvement.

He said,

“Though Nigeria needs more than

10,000MW to stabilize 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 stabilize economy. That is

why the private investors have to

increase capital investment in power

sector.

“Insurgency and instability of

government is a major setback especially

in the agricultural sector. Agriculture

contributes 24% to Nigeria GDP but the

24% is under threat because of the

insurgency in the North East”.