President Umaru Yar�Adua will undergo a medical check-up during his ongoing week-long visit to Germany .
The President will also use the platform of the Partnership with Africa Summit in Germany to push his agenda for a total overhaul of the country�s energy sector, particularly the power sub-sector.
The Special Adviser on Communications to the President, Mr. Olusegun Adeniyi, who disclosed this on Monday while briefing journalists at the State House in Abuja, said the Federal Government could not solely fund the ongoing and expected power projects in the country.
Explaining the President�s trip to Germany, he said, �The President will use the opportunity of the visit to also have a medical check-up before returning to the country on Sunday.�
Adeniyi said Yar�Adua�s decision to stay-off the Excess Crude Account meant that the Federal Government must seek alternative means of funding the projects.
Before now, the execution of the power projects was funded through the Excess Crude Account.
However, this will no longer be possible due to Yar�Adua�s decision to uphold the rule of law.
Explaining the Federal Government�s need for additional sources of funds for the projects, Adeniyi said, �There are problems in the sustenance of the current ones (projects) because of the issue of funding.
�You know most of the funding is supposed to come from the Excess Crude Account, which, given the position of this government it cannot continue, because the Excess Crude Account is a no-go-area for this government.
�There are legal challenges concerning the Excess Crude Account because the money belongs to the three tiers of government and the Federal Government cannot take money out of that account. So, the source of funding will have to be explored. There is a sort of gap.�
Adeniyi also indicated that the President was not comfortable with the current arrangement being used to fund the Mambilla power project.
He said, �There was a meeting last week on the power project in Mambilla; even that one is tied to some loans that are supposed to be guaranteed by the Chinese which is also tied to some allocations of crude oil blocks and all that. There are so many issues involved in the power project that the President is trying to sort out.
�Those are the issues we are looking at, there have to be financing for these projects because we don�t have the money. Technically, we don�t have the money to fund the power project. We are looking at different modes to fund these projects.�
In the course of the week-long stay in Germany , Yar�Adua will hold talks with German Chancellor, Mrs. Angela Merkel, and also meet with German energy experts and investors.
The meeting is a follow-up to earlier opening talks held between the Germans and the Federal Government last week in the State House.
Adeniyi said, �President Umaru Yar�Adua left Abuja yesterday (Sunday) to participate in the partnership with Africa Summit in Germany.
�President Yar�Adua is scheduled to deliver a paper on the impact of globalisation on the continent. Several African leaders are scheduled to participate at the Summit.
�The President is also scheduled to meet with the German Chancellor and hold discussions with German experts on energy in furtherance of the talks he had with the German experts and investors who came to Abuja last week.�
Oct302007