President Goodluck Jonathan on Friday disclosed that the Federal Government has invested about $8.26billion in the power sector through the National Integrated Power Project (NIPP), in the bid to boost the electricity generation capacity in the country by over 4, 700MGW .
The president, who made this known during the inauguration of the 750MW Olorunsogo II Power Station, Olorunsogo in Ewekoro local government area of Ogun State, said that out of the amount, about $650 million was committed to the Olorunsogo project.
President Jonathan added that 10 of such projects are currently being replicated across the country, including the two inaugurated in Kogi and Ondo states last year.
The Egbin power station will be commissioned later today.
An elated President Jonathan expressed happiness that he has continued to deliver on his campaign promises, which included the reformation of the power sector, adding that his administration would not relent in its determination to improve power supply in the country.
“I am happy that I have consistently delivered on my campaign promises to transform Nigeria and my administration would leave no stone unturned to achieve its goals”, he said.
The president, however, hinted that the nation’s quest for stable electricity supply might not be feasible until after two or more years.
According to him, the interface between the federal government and the private sector on full privatisation of the energy sector to make steady power supply feasible in the country, would hopefully be completed in two years period.
He said: “to stimulate the micro and medium enterprises, government must invest and must show significant concern for power and that is what we are doing.
“And we promised this country that surely in the next two years, the interface between 100 per cent government control of power sector and 100 per cent control of the private sector will be sealed properly and Nigerians would take power for granted”.