(Ecofin Agency) - Over the past 16 years, Nigeria’s power sector lost more than $30 billion (11,000 billion naira) of revenues due to corruption. This was disclosed in a study entitled “From Darkness to Darkness: How Nigerians are Paying the price for Corruption in the Electricity Sector” released by Ngo Socio-Economic Right and Accountability project (SERAP).

Referring to the losses, the report said: “This represents public funds, private equity and social investment (or divestments) in the power sector”. “the much touted reforms in Nigeria under the Electric Power Sector Reform Act of 2005 is yet to yield the desired and/or anticipated fruits largely due to corruption and impunity of perpetrators,” it adds.

According to the researchers, the losses recorded could double over the next decade, Leadership reports.

Gwladys Johnson