The Federal Executive Council (FEC) has approved $1.9 billion for the procurement of equipment for the nation’s power sector to boost power supply across the country, through the Presidential Power Initiative.
Minister of Finance, Budget and National Planning, Zainab Ahmed made the disclosure on Wednesday, when she briefed State House correspondents on the outcome of the Council meeting, presided over by President Muhammadu Buhari.
She said the objective of the PPI project is to modernize and upgrade power transmission and distribution infrastructure in Nigeria.
The minister highlighted that part of the money will be used for the procurement of mobile equipment for the transmission of power across the country.
“So, the procurement of 10 mobile equipment and 10 transformers was approved.
“The total cost of the procurement is in the sum of 62,949,447 euros with a delivery period of 12 to 18 months, depending on how we’re able to push because this equipment will be manufactured specifically for us.
“The focus is to be able to very quickly enhance the power availability and capacity in the country.
“With this particular approval, we’ll be able to expand from the current capacity of 5,000 megawatts to 7,000 megawatts,” she added.
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