FG approves €62 M to procure transformers
Nigeria, Abuja: The federal executive council (FEC) has approved $1.9 M and $71.34 M (€62.9 M) for phase one of the presidential power initiative (PPI).
Image source: The Big News
Nigeria, Abuja: The federal executive council (FEC) has approved $1.9 M and $71.34 M (€62.9 M) for phase one of the presidential power initiative (PPI).
PPI is a power upgrade and modernization programme between the Nigerian government and Siemens with the support of the German government.
Zainab Ahmed, minister of finance, budget and national planning, said this on Wednesday while addressing state house correspondents after the weekly FEC meeting in Abuja.
In July 2019, the federal government signed a power project deal (PPI) with Siemens AG to increase Nigeria’s electricity generation to 25,000 MW in six years.
“The first memo that we presented to council was seeking Council’s approval for the engagement of Africa Finance Corporation (AFC) as transaction advisors with third-party consultants for the implementation of the Presidential Power Initiative (phase one),” Ahmed said, continuing, “The second component is the engagement of third party consultants and this includes local as well as international legal advisory firms, environmental and social impact assessment consultants, security consultants, insurance advisors, as well as tax and model auditor. These parties are collectively engaged in the sum of $1,116,312.45. The objective of the PPI project is to modernize and upgrade power transmission and distribution infrastructure in Nigeria.
The finance minister also explained that $71.34 M will be used for the procurement of mobile equipment and transformers for the transmission of power across the country.
Source: The Big News
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