FEC approves $160 M contracts for power projects
Nigeria: The Federal Executive Council (FEC) has approved $160 M (N65.39 B) billion in foreign and local denominations to execute power projects in the country.
Image for illustration purposes
Nigeria: The Federal Executive Council (FEC) has approved $160 M (N65.39 B) billion in foreign and local denominations to execute power projects in the country.
Minister of Power Abubakar Aliyu, disclosed this to State House correspondents at the end of the virtual extraordinary FEC meeting presided over by Vice President Yemi Osinbajo at the Council Chambers, Presidential Villa, Abuja.
While noting that the federal government has ordered new power equipment, the minister assured Nigerians that they will soon see the outcome of the ongoing investments.
Aliyu, who lamented that the current power generation is about 5,000 MW also described what he termed “the weak transmission grid”.
Speaking about the memos, he said, “Today, I presented to council 16 memos, which I seek for council’s approval and the council graciously approved all of them. At this point, let me say what these approvals will do to the nation’s electricity supply. As we are all aware, the major problem we are having in the electricity supply industry is to be able to evacuate sufficient electricity and distribute it. That is to say, we have a very weak transmission grid and distribution segment of the value chain.“
Source: Blueprint