Fact-check: Obasanjo did not spend $16 billion on power

Ettu Mohammed.

There was never a time Nigeria spent $16bn on our power sector during the Obasanjo era or in the last 46years. Nigeria has spent a total of $12.38 billion in the last 46 years.

Between 1999 and 2019 Nigeria, Nigeria spent N2 trillion and Buhari spent 45% of that fund.

The chronological timeline is shared below


The Nigerian government spent $1.83bn on installing 5.715GW Hydro and Gas power plants.

Please, note the Nigerian Naira was stronger than the USD from 1973 till 1985 and it started tumbling from 1986 onwards.


The federal government spent a paltry N2 trillion and they expect Magic to happen.

The cash Nigeria has spent in the last 46 years in the Power Sector is not up to the Annual revenue generated From the South African Electricity Sector.

N955bn+ which was released to the power ministry within the year captured exclusive of MYTO subsidies are as follows:

1999 – N11.206 billion appropriated, N6.698billion released;

2000 – N59.064billion appropriated, N49,785 billion released;

2001 – N103. 397 billion appropriated, N70.927 billion released;

2002 – N54.647billion appropriated, N41.196 billion released;

2003 – N55.583billion appropriated, N5.207billion released;

2004 – N54.647billion appropriated, N54. 647billion released;

2005 – N90.283 billion appropriated, N71.889 billion released;

2006 – N74.308 billion appropriated, N74. 3 billion released;

Total – N374.65 billion ($2.88 billion) in Olusegun Obasanjo Tenure.

2007 – N100 billion appropriated, N99.8 billion released;

2008 – N156 billion appropriated, N112 billion released;

2009 – N89. 5 billion appropriated, N87billion released;

2010 – N172 billion appropriated, N70 billion released;

Total N368.8 billion ($2.63 billion) Musa Yardua’s tenure and a Grand total inclusive of MYTO subsidies N442.4 billion ($3.28 billion)

2011 – N125 billion appropriated, N61 billion released;

2012 – N197. 9 billion appropriated, N53. 5billion released;

2013- N146 billion appropriated, N49 billion released;

2014 – N69.8 billion appropriated, N48 billion released; and,

Total N211.5 billion ($1.36 billion) Goodluck Eebele Jonathan tenure and a Grand total of N293 billion inclusive of MYTO subsidies $1.89 billion

2015 – N5. 240billion appropriated, no record but we can say it is not 100% funded.

2015 -2019 N900 billion was released according to Vice President Osinbajo and another 600 billion is in the pipeline

N155b released as subsidy fund for MYTO Multi-Year Tariff Order (MYTO) ($1.05 billion)

The funds were given for a period of five years. A breakdown of the interventions funds are as follows:

2009 – N30.8 billion

2010 -N43.2 billion

2011 – N37.0 billion

2012 – N11.5 billion

2013 – N32.6 billion.

$8.23bn was released to NIPP from ECA to push our installed generating capacity with 5GW and Obasanjo’s government released $3.08bn while the balance was spent between 2007-2015

Federal Government made $2.238 billion about N358 billion from the sale of 15 Power Holding Company of Nigeria, PHCN

Our Spending according to CBN and other verifiable sources like Budget office are:

(1)Obasanjo Regime -N374.65 bn $2.88 bn)

(2)Yardua Regime N442.4bn ($3.28bn)

(3)Jonathan Regime – N293 bn $1.89 billion

From 1999 – 2015 Nigerian Government invested N1.109 trillion inclusive of MYTO subsidies

(4)Buhari Regime – N900bn $2.95 billion

This is a grand total of N2 trillion in the last 20 years and in Dollar Value is $11 billion in twenty years

From 1973 till date, the Nigerian Government has spent a total of $12.83 billion and when the government sold PHCN they made $2.238 billion.

The Presidential Review Panel on the NIPP set up by the NEC, said the panel found that as at 2007, total project allocations/estimates to NIPP was $10.231 billion inclusive of the $2 billion Federal Government counterpart funding for Mambilla Hydro Power project and $1.4 billion for additional nine turbines.

Out of these commitments, $3.08 billion was funded and scrutinised with advance payment guaranteed from “first-class” Nigerian banks and Letters of Credits issued by the Central Bank of Nigeria (CBN). $1.5 billion of the sum is still in the custody of the banks.

At no time did Obasanjo spend $16bn on power or the Nigerian government spend $16bn in the last 46years. it is an outright falsehood.