You are ignorant. i am ready for probe – obasanjo fires back at buhari
former president olusegun obasanjo has said that he is ready for probe over the $16b power project. he made this known in a statement by his media aide, kehinde akinyemi.
the statement reads,
‘it has come to the attention of chief olusegun obasanjo that a statement credited to president muhammadu buhari, apparently without correct information and based on ignorance, suggested that $16 billion was wasted on power projects by “a former president”. we believe that the president was re-echoing the unsubstantiated allegation against chief obasanjo by his own predecessor but one’.
obasanjo argued that while it is doubtful that a president with proper understanding of the issue would utter such, it should be pointed out that records from the national assembly had exculpated him (obasanjo) of any wrong-doing concerning the power sector and has proved the allegations as false.
“for the records, chief obasanjo has addressed the issues of the power sector and the allegations against him on many occasions and platforms, including in his widely publicised book, my watch in which he exhaustively stated the facts and reproduced various reports by both the economic and financial crimes commission (efcc), which conducted a clinical investigation into the allegations against chief obasanjo, and the ad-hoc committee on the review of the recommendations in the report of the committee on power on the investigation into how the huge sums of money was spent on power generation, transmission and distribution between june 1999 and may 2007 without commensurate result,” he boasted in the statement.
obasanjo urged buhari and his co-travellers to read chapters 41, 42, 43 and 47 of my watch for his insights and perspectives on the power sector and indeed what transpired when the allegation of $16 billion on power projects was previously made.
$16b power project: bi am ready for probe, obasanjo dares nigeria's failed president, buhari.the chapters in a language that he will easily understand,” obasanjo added.
Nigeria spends n1.4trillion on petroleum subsidy, that can build us many refineries or power plants. -muhammadu sanusi ii, tells pmb
muhammadu sanusi ii, emir of kano and former governor of the central bank of nigeria (cbn), has called on the buhari government to prioritise its expenditure.
he said this on power lunch, a cnbc programme, on tuesday.
the monarch said: ”i have looked at some of the deliberate policy decisions that have been taken, such as the continuation of the fuel subsidy, we are spending a trillion naira to 1.4 trillion naira on petroleum subsidies. .
“imagine what we could do with that. how many refineries will be built? how many power plants you could build? how much you could fix on your transmission.
so we need to decide for ourselves and understand that every dollar we spend, we have made a choice. we need to decide what is our priority and by this we can free up resources from some of these areas and put them into these areas.
while speaking on how to increase revenues, he said countries that have the highest ratio of revenue to gdp are those that seem to be faring very well on the transparency international corruption perception index. ”there’s a surplus of capital in the world which is why we’ve had many many years of low interest rate. .
there’s a saving glut, but the reason you’ve got these so much capital is that they are looking for outlets,” sanusi said. ”but those outlets can only come when the government begins to address the risks associated with investments and dealing with externalities and coordination problems.
and as i said, if you want someone to come and invest in garment factories, well fix other issues. .
make sure you give him electricity, give him the roads, give him security, then he invests and sets up. .
by coming together, identifying those areas and sitting with private sectors and asking what do you want us to do for you as a government? so you don’t force them to internalise all those externalities.” he said.