Nigeria needs $400bn to close energy shortfall, says Buhari - Punch Newspapers

The most widely read newspaper in Nigeria

9/27/2021 11:42:00 AM

Nigeria needs $400bn to close energy shortfall, says Buhari - Punch Newspapers

The most widely read newspaper in Nigeria

27 September 2021The President of the Federal Republic of Nigeria, Major Gen Muhammadu Buhari (Retd.), has said that Nigeria needs over $400bn to fund its critical energy needs.Buhari said that $300bn would be needed for electricity generation, transmission and distribution infrastructure while $116bn would fund buildings, industry and transport facilities in a statement quoted by Bloomberg.

Nigerian news doesn’t make one happy, after listening, I go on my knees to pray – 94-year-old Rev Adejobi - Punch Newspapers Temmie Ovwasa accuses Olamide of 'messing her mind up' EPL: Fans hail Chelsea goalkeeper Mendy, angry with Man United's Maguire - Punch Newspapers

The report also said Buhari did not include a timeframe for the spending plan but said Nigeria would need support from developed nations to bridge the funding gap, an amount Buhari said exceeds Nigeria’s energy budget for the next 30 years.Buhari, who addressed the United Nations General Assembly on Thursday, is under pressure to show how Nigeria would ultimately transition away from fossil fuels, the report said.

With the funding needs almost matching the size of Nigeria’s gross domestic product in 2020, his statement amounted to one of indefinite goals, unachievable to him without massive outside assistance, the report added.Buhari was quoted as saying, “The government plans to provide electricity to five million households and 20 million people using solar energy solutions, as a first step toward closing Nigeria’s energy access deficit by 2030.”

The International Monetary Fund placed Nigeria’s infrastructure stock at 25 per cent of its GDP, while the Nigerian Investment Promotion Council estimated that the country would need over $2.8tn in infrastructure investment over the next 30 years to hit the international benchmark of 70 per cent of GDP.

Read more: The Punch Newspapers »

How I Suffered After My House Was Demolished In Lagos-78-Year-Old Widow

A 78-year-old widow, Iyabo Adewusi Apena, cries and pleads with the Lagos State Governor, Babajide Sanwo-Olu to pay her compensation. The widow narrated how ...

Give him MBuhari 700Trillion GBP, and he will build snow in Aomori City, Japan and ask for more!!!; what exactly are MBuhari's core competencies; very poor in leadership & management, bad governance, visionless, but excellent in corruption and division!! A responsible man who borrows, has plans and strategies to pay. Can someone ask these people what’s their plants pay for these debts that will obviously outlive the president and the next generation to come?

Northern Nigeria looting asap before disintegration of Nigeria. After you borrow the money again don’t forget the 20Billion Naira u whole Oloye Sunday adeyemo igboho.. YorubaNationNow Yoruba Time for another loan Nigeria is a dead country Always in need. This man is a lack everything called ideas. Almanjiri begi begi mentality.

E be like say Buhari don dey build e own presidential lodge for Hell fire cos I don't just understand 😭😭 Buhari needs to open graze more cows for the money! $400bn = 400, 000, 000, 000 * 589 = N235, 600, 000, 000, 000, 000.

ThePotentate_ They don’t need $400bn all they need is a good leader Baba they cash out A President that cannot provide ordinary power supply to its citizens yet it supplies other African countries power supply, is that a President? The dumbest man to ever rule Nigeria in this jet age,Yoruba and Hausa people wey vote sai baba for power,how market?

U wen be Hausa goat ur full generation fit count am finish till them wipe out the surface of the earth? Nonsense u always spill Tell him to come for it here don’t worry I will give it to you Does this man even know how much 400 dollars be Na so him go America recently begin go share our money for some never do wells Americans just to be protesting his support. He has failed woefully in all facets.

Olodo Just sell the country at once which one be all this one But we live a Naira economy. Why must you keep saying we need so so amount of dollars You need help

I wish we can skip 2022 and landed in 2023 make election come sharply Borrow as usual or you just sell the country 🤷 The tribe in power is cashing out daily, everyone one them will become a billionaire by 2023, while SW APC vuvuzelas are just ranting defending the undefendable. Tueh clown 🤡🃏🤡🃏🤡🃏🤡🃏🤡🃏🤡🃏🤡🃏🤡🃏🤡🃏

If you give him the money 💸 he will still misappropriate it, ask him to account for all the monies since 2015 ,he will be looking at you like Olodo . SW BMC, Buharists and APC vuvuzelas will be angry at themselves, efulefus Very soon I said soon they will write to Satan in Hell to borrow Nigeria money. One Nigeria my foot

MORONS have arrived again.. Go and looking for where to borrow. Another opportunity to borrow. President MBuhari I heard that Brazil is now giving African countries loans without collateral and interest. Quickly approach Brazilian government and apply for their loan before the door closes. The other time, Emefiele stressed that US$100bn is needed for infrastructure dev., and now this...making a total of US$500bn. I expect more the siphoning of funds in the long run

3 gorge dam (world biggest) cost $32bn. Jamnager refinery (largest capacity refinery in the world) cost $30bn. The dam can power the country nd the refinery will solve all our petroleum need. We can even export electricity and fuel with them too. Why the f*k is he capping $400bn Hmmm nigeria is gone

Just think of a country to borrow it la. Hope $400bn will be enough? Buhari is a man without shame. Just 'go and borrow' then beg them to cancel the debt!!! If you want to borrow again tell us in plain terms and stop going through the corners. Haaaaa ,$400 Billion Haaaa I don't understand, we have not pay off the one we own and you are planning to go for another one, let think about this

The worst things is that they can writing bills u can't defend. Keep borrowing money in name and office yet u feel u are doing well as president. With all due respect Sir, step down for u do not know wat u are doing. ...WHAT.....quiet a dough Oga, this $400bn, it will be better if it’s shared to us, let everybody find his or her way pls

🤣🤣🤣 ekperima Which one be Nigeria need $400bn go borrow na Abii them go gre borrow you again nii

You know what $400b is? Is like these people are crazy! This is not N400b. When person go become part of these Nigerians na? 😔 Thief You can pass the IELTS exam in flying colours and get a permanent residency to Canada. DM for details on the high score formula for passing the IELTS exam We don't need 400bn dollars, we need a Leader with common sense, but unfortunately you lack it.

Sai baba pls we don tire, abeg come dey go, Majority no fit afford the basic needs under your government, the 'gbese' wey u put us don do. What happened to the 3 billion dollars you awarded 2 years ago to German company Siemens? How did you arrive at this figure? What data was use? You just pull out a figure from the air and spit that shit all over

Nigeria needs everything Airhead be borrowing up and down

The disunity group will scream but this is the reality of Africa ,our debt based economy caused by the western colonialist need dollars for survival ,hence the need to seek out loans while the western nations have the privilege to print this currency and use This man has ruin this country...APC will ruin it more if they emerge 2023..

😂😂😂 Olodos in govt This malu is planning to borrow another 400billion again Loan already approved 💯 Jisike Sir 🤦‍♂️ You have been borrowing money and absolutely nothing to show for it. … LesMilkiardsDisparaissentBizarrement … NigeriaNews Suzi money