The Federal Executive Council (FEC) has ratified an anticipatory approval for the release of €15.21 million and N1.708 billion, onshore and offshore...
The Federal Executive Council has ratified an anticipatory approval for the release of €15.21 million and N1.708 billion, onshore and offshore respectively, as counterpart funding for the Siemens AG power deal.
She explained that the money is for the counterpart funding for the bilateral credit facility from German Consortium, guaranteed by the German government, through Euler Hermes, to finance the implementation of the end to end grid modernization and expansion programme of the project. Power projects in the budget include the 3,050-megawatts Mambilla hydropower plant in Taraba State, for which N2 billion counterpart-fund was set aside. Others are 2x60MVA 132/33kV substation at Gwaram in Jigawa State ; 215MW power station in Kaduna ; and Kashambilla transmission in Taraba .
“The project will also support the regulator, Nigerian Electricity Regulatory Commission , to transition towards a programme of improving metering in the electricity industry in the country.
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