The Real Truth About Wasting N11 Trillion On Electricity - Jonathan

Former president, Goodluck Jonathan, has reacted to report that his administration alongside that of Olusegun Obasanjo and Umaru Musa Yar’Adua wasted money from the power sector. In a statement signed by Reno Omokri on Thursday, August 10, and shared by the former president on his official Facebook page, Jonathan said while he cannot speak for his predecessors, he can provide his own angle.

In the statement, it was argued that Jonathan could not have wasted such money but instead saved the country more money from the privatisation. Read the statement below: My attention has been drawn to the story 'Obasanjo, Yar’Adua, Jonathan wasted N11tn on electricity –SERAP' published most prominently in The Punch newspapers on August 10, 2017 and less prominently in other papers. 

While I cannot speak for others, I can certainly say that as touching former President Goodluck Jonathan, the story is false and is the fruit of the laziness of the researchers who could have taken advantage of the Freedom of Information Act that Dr. Jonathan signed into law in May, 2011 to get records and data from relevant government ministries, departments and agencies that would have given them a fuller picture instead of the narrow view they have. 

Former President Jonathan could not have wasted ₦11 trillion or any other amounts of money for the simple reason that he was the Nigerian President who privatized the Power Sector beginning on August 26, 2010 when he launched the roadmap to power sector reforms and culminating on October 16, 2012 when the winning bids were announced for the sale of power generating and distributing companies. 

SERAP may do well to remember that on Monday the 30th of September 2013, at the Aso Rock Presidential Villa, Former President Jonathan successfully handed over the bulk of Nigeria's Power Infrastructure to successful private sector bidders after they had made payments for the assets they acquired. 

At that event, he said: "I congratulate our new owners who have taken over the engines and cables that are expected to drive not just the electricity industry but also the socio-economic well-being of the nation". In total, the Power Holding Company of Nigeria was split into six generation and 11 distribution firms, all sold separately, for about $2.5 billion for which the Jonathan administration received much deserved praise.

In fact, rather than wasting money, the Jonathan administration generated money for the federation from the sale of these assets which were seen to be transparent and followed global best practices. 

Between May 6th 2010 when he was first sworn in as President to May 29, 2015 when he handed over power, the budget for the ministry of power under Dr. Jonathan was not up to ₦400 billion in total for the simple reason that his administration had succeeded in transferring most of Nigeria's power assets, liabilities and personnel from the public sector to the private sector.

As such, it is evidently clear that any allegations that the Jonathan government wasted trillions is not a well thought out allegation at best and is a figment of the imagination of the makers at worse. I do hope those papers which published this false report against the person of former President Jonathan and the administration that he led will be honorable enough to set the records straight for posterity. 

Earlier reports show that SERAP released a new report which details how three successive governments in Nigeria allegedly squandered N11 trillion meant to provide regular electricity supply. 

“The total estimated financial loss to Nigeria from corruption in the electricity sector starting from the return to democracy in 1999 to date is over N11 trillion. “This represents public funds, private equity and social investment (or divestments) in the power sector.