Olukoyede Explains Reasons Behind Unstable Power Supply

Olukoyede Explains Reasons Behind Unstable Power SupplyThe Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has attributed Nigeria’s persistent power supply issues to corruption within the power sector. Speaking during a visit by the House Committee on Anti-Corruption and Financial Crimes in Abuja on Tuesday, Olukoyede explained that contractors handling electrical projects often supplied substandard materials, leading to frequent equipment failures, power outages, and grid collapses.....KINDLY READ THE FULL STORY HERE▶

Olukoyede revealed that during EFCC investigations, it was discovered that contractors would opt for cheaper, lower-quality materials instead of the specified 9.0 gauge wiring, using only 5.0 gauge instead. This, he said, was a major reason why electrical equipment often malfunctioned. “Every time you see it tripping off, getting burnt, and all of that, it falters and collapses. This is part of our problems,” he noted.

The EFCC chairman also pointed out that Nigeria’s overall capital project execution has been dismally low over the past two decades. According to Olukoyede, capital project implementation has not exceeded 20% in the last 15 to 20 years, which has hindered the country’s infrastructure development. “How can we expect infrastructural growth if we don’t meet our project execution targets? We need to achieve at least 50% execution this year to make real progress,” he said.

Olukoyede emphasized that tackling the inefficiency in capital project execution was key to Nigeria’s development. “The lack of implementation of the capital budget is one of Nigeria’s major problems. If we address that, we will make progress as a nation,” he added.

The EFCC chairman also highlighted the commission’s efforts to tackle corruption, revealing that the agency had received over 17,000 petitions and was currently investigating more than 20,000 cases. “In the past year, we’ve opened over 4,800 new cases. With a staff count of less than 5,000, we’re dealing with significant cases across more than 700 federal agencies and various state and local government levels,” Olukoyede said, underscoring the scale of the EFCC’s workload.

For more information on this article and other related posts from Bushradiogist, please join our WhatsApp channel by clicking this link https://whatsapp.com/channel/0029VaUumOODTkK7AZL1Fw3o. For advertisement inquiries only, kindly send a message to 090 1907 0863 on WhatsApp.