July 10, 2008 Emergency in Power Sector: Confusion Rages over Funding As much as President Umaru Musa Yar'Adua has good intention, especially in addressing the teething problems confronting the nation, controversies always trail some of his genuine plans of action. When he announced intention of investing $5.37bn for Power project, governors of Nigeria's 36 states on Thursday June 19, 2008 endorsed his proposal to fund the power sector emergency from the excess crude account. Subsequently, the National Economic Council which is chaired by the Vice President Goodluck Jonathan okayed the immediate release of $5.37 billion from the account for the project. The controversy this time that could further compound the electricity project funding is that some agencies and federal legislators are kicking against the release of the $5.37bn without their approval. They are questioning the legality of the withdrawals from the Excess Crude Account on the ground that the Account itself is illegal and its existence violate Section 162 (3) (10) of the 1999 Constitution. For more details Click...Here Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine |
Wednesday, December 10, 2008
Emergency in Power Sector: Confusion Rages over Funding
