Vice-President Namadi Sambo has said Nigeria needs about 450 million dollars from the Islamic Development Bank (IDB) to expand electricity generation to 20 thousand megawatts. He said this on when he received the President of the IDB Dr.Ahmed Mohammed Ali in Makkah,Saudi Arabia. Bear in mind that in February this year,the Federal Government signed the Share Purchase Agreement and 12 other documents with 14 core investors that won bids for 15 successor companies carved out of the Power Holding Company of Nigeria in preparation to their being handed over to the investors While the sum of $1.26bn will be realised from the sale of 10 distribution companies, the sale of five generation companies will fetch $1.06bn.I am not a math guru but if the government would generate such huge amounts,why do we still need to borrow?Plus isn't PHCN privatized already?If it is,why should the government be generating funds for private companies to render services they are supposed to?!?
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