President Muhammadu Buhari has vowed to probe the $16bn spent on failed power project by the administration of former President Olusegun Obasanjo.
He said his government would recover the money and expose those behind the scam.
President Buhari, who spoke on Tuesday in Yenagoa, the Bayelsa State capital, during the All Progressives Congress presidential campaign rally, said he was unrelenting in his pursuit of those who looted the nation’s resources.
The President, who landed at the government helipad, was received by the Bayelsa State Governor, Seriake Dickson, before he proceeded to pay a courtesy call on the traditional rulers in the state.
Addressing the crowd, Buhari said his administration despite the daunting challenges had been able to curtail the security issues in the North-East while the economy was on the way to becoming self-reliant.
Although he did not mention Obasanjo, Buhari said, “The previous government mentioned on their own that they spent $16bn on power but you are better witnesses than myself. Where is the power? Where is the money? We will follow them, eventually God willing, we will catch them and get our money back.”
The APC government had alleged that Federal Government spent $16bn on power projects between 1999 and 2007 when Obasanjo was in government, with no significant improvement.
Today’s Echo gathers that the chunk of the money was spent on the National Integrated Power Project(NIPP) and the Power Holding Company of Nigeria(PHCN), which gulped about N273.65billion between 1999 and 2007 for its day-to-day activities.