22 March 2013, Sweetcrude, Abuja – President Goodluck Jonathan yesterday presented national integrated power project, NIPP, share certificates to representatives of the 36 state governments and the Federal Capital Territory, FCT, in Abuja as part of on-going efforts aimed at achieving a sustainable public power to boost economic productivity.
The president said the presentation of the NIPP share certificates was in fulfillment of an agreement reached between his administration and the 36 states over deductions from the Excess Crude Account for the financing of the NIPP and Ibom Power Plant Project.
Prior to the signing of the agreement, the state governors had demanded equitable shares corresponding to monetary values in the NIPP, Railway Modernisation Deductions and Ibom Power Plant Project Deductions.
About $8.425 billion was deducted from the Excess Crude Account for the execution of the NIPP projects, while another $80 million dollars sourced from the Federation Account was spent on the Ibom Power Plant Project.
President Jonathan stated that the Share Certificates represent the investments of all the three tiers of governments – federal, states and local councils – in the NIPP programme.
“You all remember that it was during President Olusegun Obasanjo’s time that some monies were set aside from the excess crude and the Federal Government was directly funding the NIPP projects with that money.
“Then, the Chairman of the Revenue Mobilisation and Fiscal Commission, Engr. Ahmad Tukur, took the Federal Government to court, not even the state governors, saying the President has no power to spend money belonging to the three tiers of government.
“Of course, that frustrated the programme until when we came on board; the NIPP was stalled until we will now have to say in that case let us negotiate with the governors and let it be properly done, that is an investment where every state, every local government has an investment based on their own amounts in the excess crude (account). So, those details were worked out,” the president stated at the elaborate ceremony attended by state functionaries.
On yet another contentions project, Sovereign Wealth Fund where President Jonathan has been having a running battle with state governors over propriety of investing funds when there were capital and infrastructural projects begging to be financed in the country; he noted that similar Share Certificates would soon be ready for distribution to the three tiers of governments.
Vice President Namadi Sambo reassured that the 10 ongoing thermal power projects under the NIPP across the country would be ready for inauguration by December 2013.
“Mr. President, let me restate the commitment of the Niger Delta Power Holding Company in ensuring the delivery of 10 power thermal power projects and all the transmission and distribution projects by the end of December this year.
“Significant progress had been made and we are confidence that you will deliver on your promise to Nigerians, especially on power. We are very proud of the progress made so far.”
