NewsMakers
Rotimi Morgan/

Three former Nigerian presidents have been accused of squandering over N11trillion meant to provide electricity for the people.

Those accused in a report released today by the Socio-Economic Rights and Accountability Project (SERAP) are former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan.

The report says: “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 divestment) in the power sector. It is estimated that it may reach over N20 Trillion in the next decade given the rate of government investment and funding in the power sector amidst dwindling fortune and recurrent revenue shortfalls.”


The report presented in Lagos today.
The 65-page report titled ‘From Darkness to Darkness: How Nigerians are Paying the Price for Corruption in the Electricity Sector’ was launched today at the Westown Hotels, in Lagos...
http://www.newsmakersng.com/2017/08/09/how-nigerian-leaders-squandered-n11tr-electricity-fund-serap/