Nigeria’s President Muhammadu Buhari has neither initiated nor made any effort to probe the $16 billion spent by previous administration to revitalize the country’s power sector—instead the President has sought another $3 billion in loan from the World Bank.
The country’s Finance minister Zainab Ahmed while addressing journalists on the activities of Nigeria at the annual meetings of the International Monetary Fund (IMF) and World Bank Group, said an approval has been granted for Nigeria to take a $3 billion loan for the expansion of the transmission and distribution facilities of the power sector, reports TheCable.
President Buhari in the build up to the 2019 general elections vows to probe the $16 billion allegedly looted by PDP administrations.
“My point is on bribery and corruption, which is one of my three areas of focus. Those people who say they spent 16 billion dollars on power, they will account for it.
“Yes, we are under a system now. Those who have been given responsibilities, in the three tiers of government; the Federal, States and Local Governments as they are busy, we will ask anti-graft agencies to investigate and prosecute them.
“We have already done a lot of cases, you know it, they came here and bought properties here in Abuja, and they invested outside the country.
But five months into the second tenure of his administration, President Buhari remains silent about the probe. Instead, the country will enter another circle of debts from the Britton woods institutions.
Nigeria is already indebted to the tune of over $27 billion, according to the country’s debt management office.
