03 October 2013, Lokoja – President Goodluck Jonathan on Thursday said that all the 10 National Integrated Power Plants, NIPPs, being built by the Federal Government, would be sold to private investors.
The president said this at Geregu in Kogi, during the formal inauguration of the Phase 2 Geregu 434 megawatts power plants.
He said that by 2014, all the 10 NIPPS would have been inaugurated, adding that the Federal Government would then sell them to private investors.
Jonathan said that the Federal Government would continue to inaugurate more power plants, adding that the operational ones had so far added about 5,000 megawatts to the national grid.
He said that the construction of the power plants was funded from the Excess Crude Oil Account, jointly owned by the three-tiers of governments.
Jonathan said that more NIPPs would be completed and inaugurated, as part of efforts to overhaul the power sector and boost electricity generation in the country.
He, however, noted that one of the challenges facing the power project was the dispute between the federal and state governments over the legality of using funds from Excess Crude Oil Account to execute the project.
He, nonetheless, added that the challenge had been overcome.
He cited some of the challenges facing the project as gas supply and transportation of the plants’ turbines to their sites.
Jonathan stressed that when the power plants were fully managed by private investors; the power sector would become more secured.
He also said that the ongoing power sector reforms would be more effective under the new arrangement.
The president expressed his appreciation to all the people who made the power project a success.
Also speaking, the Minister of Power, Prof. Chinedu Nebo, said that the power plants, being built across the country, would inject about 1,600 mega watts into the national grid.
Nebo said that the projects would facilitate the growth of the nation’s economy, while providing employment opportunities for many youths across the country.