The Socio-Economic Rights and Accountability Project (SERAP) says N11 trillion in electricity funds was squandered by the administrations of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, The Cable reports.
The former presidents were in charge of the country between 1999 and 2015. In a report titled ‘From darkness to darkness: How Nigerians are paying the price for corruption in the electricity sector’ which was launched in Lagos on Wednesday, the organisation called for a probe into the alleged squandering. It said the N11 trillion “financial loss” comprises public funds, private equity and social investment (or divestments) in the power sector.
The 65-page report also noted that the “loss” may reach over N20 trillion in the next decade “given the rate of government funding and investment in the power sector.” The report said the country’s power sector reforms under the Electric Power Sector Reform Act of 2005 have not yielded the desired results due to “corruption and impunity of perpetrators, regulatory lapses and policy inconsistencies.”