ISSUE #1: Excess Crude fund
In November 2007, Yar'Adua told Nigerians that the federal government would no longer tap into the excess crude account to fund the nation's power plants. His spokesperson stated that instead, private equity would be used to develop the power industry and that the government had turned to foreign experts "for possible assistance and collaboration in the development of the power supply infrastructure."
Given the above, is it not interesting that the Yar'Adua administration has now declared that $10 billion will be used to re-energize Nigeria's failed power sector?
I honestly do not raise this point as a criticism of the administration. I simply raise it because I am trying to understand the specific plan by the administration to tap into the excess crude account while also using funding from private investors as previously announced by the federal government. Clearly, telling the public that funds from the account would not be used and then, approximately 8 months later, using that same fund to finance power projects appears like a direct contradiction.
ISSUE #2: Agagu, Imoke and the 'Implementation Committee'
Additionally, the decision to ask Agagu and Imoke to join the 'Implementation Committee' which is charged with overseeing the effective use of the billions taken from the excess crude fund, further calls into question the promises made by this administration to brings into question Yardy's promise to provide,
"a purposeful and result-oriented administration that will yield tangible and visible benefits for all Nigerians".On this Agagu/Imoke issue, I personally believe that Yardy is dealing with 'the devil' because he has to. There are 'principalities' that control Nigeria that have to be 'appeased'. It's nothing personal, it's just politics. However, that reality does not lessen the fact that Yardy's decision to include these men and Danjuma Goje (another former Minister who is tied to Nigeria's failed power sector) suggests business as usual. Unfortunately, as is the case with so much in Nigeria, Nigerians will simply have t watch from the sidelines and hope for some positive change.
- Can Yar'Adua Accomplish His 'Mission'?
- The Africa Finanace Corporation