admin
By Pascal Ibe
CLAIM: A write up which has gone viral on WhatsApp groups claimed that N90bn can build nine geometric power plants like the 188-megawatt geometric power plant in Abia State.
VERDICT
This is FALSE. The geometric power plant in Abia State cost over 1 trillion naira ($800m).
So N90bn can’t even go far in building an 188-megawatt geometric power plant like the one in Abia State.
FULL DETAILS
Since Friday April 05, 2024, a write up has been flying on many WhatsApp groups that the current president Tinubu administration would have channeled the N90bn subsidy fund for the 2024 pilgrimage fares to the Kingdom of Saudi Arabia, to build nine geometric power plants.
In the write up which has gone viral on many WhatsApp groups, the unknown writer queried why Nigerian government should subsidize Haji fares to Saudi Arabia with N90bn instead of channeling it to build nine geometric power plants like the one in Abia State.
The writer stated that the Abia Geometric power plant which cost about $800m is equivalent to N10bn. As such, the writer insisted that the N90bn mapped out for subsiding the 2024 pilgrimage to Mecca should have been used to build nine geometric power plants.
The write up reads, ”The Geometric power plant in Aba was built at a cost of $800M, that is about #10B today. The cost of FG subsidy for Hajj this year is #90B which will build 9 of such power stations in 9 different states.
What a Government!
*What a Country!*
*What a People!*”.
The write up was posted on popular WhatsApp groups named ỊKỌRỌ NDÍGBO ASSEMBLY on Friday and on HUMAN RIGHTS DEFENDERS on Saturday afternoon.
VERIFYING THE CLAIM
First, we found out that $800m is not equivalent to N10bn in any way.
CurrencyRatesToday, a website used for monitoring of currency rates around the world gave result that $800m is equivalent to one trillion, thirty-five billion, seven hundred and eight million, seven hundred and forty-eight thousand, eight hundred naira.
The results on CurrencyRatesToday states, ”As of today, at 00:00AM UTC eight hundred million 💵 us dollars is equal to ₦1,035,708,748,800.00 (NGN) or 🇳🇬 one trillion thirty-five billion seven hundred eight million seven hundred forty-eight thousand eight hundred naira. For the basic conversion, we use the midpoint between the buy and sell rates of USD to NGN at currency exchanges across the globe.”
On Google finance, $800m as at Sunday morning, is equivalent to over #998 billion naira (998,200,000,000.0).
THE ABIA POWER PLANT IN VIEW
According to the TheCable, in February 2024, the Vice-President Kashim Shettima inaugurated the 188-megawatt geometric power plant in Aba, Abia state, to accelerate power supply to industrial clusters in the region.
The power plant, described as the first integrated electricity facility in Nigeria, is located in the Osisioma industrial area of the south-eastern state.
It is understood that Aba Power Limited Electric, a new electricity distribution company (DisCo), will take electricity from the plant and supply it to nine local government areas — out of 17 — in Abia state.
Described as the biggest investment in the south-east zone of Nigeria, geometric power is said to have spent about $800 million on its integrated power project, which includes the building of a 27-kilometre natural gas pipeline, from Owaza in Ukwa West LGA in Abia to the Osisioma industrial layout in Aba.
N90bn PILGRIMAGE SUBSIDY
On March 29, DailyTrust exclusively reported that the federal government released a sum of N90 billion to subsidise the 2024 pilgrimage to the Kingdom of Saudi Arabia.
The source, who asked not to be named, noted that without this intervention, each of the intending pilgrims would have been requested to add at least N3.5 million to the initial fare which was pegged at N4.9 million.
A top official at the Presidency also confirmed that the federal government “actually provided some financial support for the hajj exercise”.
Recall that the NAHCON had, in December last year, fixed a fare of N4.9 million per pilgrim based on the exchange rate of N897 to a dollar.
CONCLUSION
The claim that N90bn can build nine of Abia State 188-megawatt geometric power plants is FALSE. Findings showed that the Abia 188-megawatt geometric power plant which costs $800m to build, is never equivalent to N10bn as claimed, rather $800m is equivalent to over one trillion naira at the moment.
The Unknown writer intentionally claimed that $800m is equivalent to N10bn in order to mislead the public that the N90bn pilgrimage subsidy fund released by the Nigerian government for this year, when splitted, can build nine geometric power plants like the 188-megawatt geometric power plant in Abia State.
