*Minister for Finance, Budget and National Planning Zainab Ahmed discloses the Federal Government鈥檚 objective of the Presidential Power Initiative (PPI) project is to modernise and upgrade power transmission and distribution infrastructure to boost electricity supply to homes and businesses in the country

Alexander Davis | 绿帽献妻

Under the auspices of the Presidential Power Initiative (PPI), the Nigeria鈥檚 Federal Executive Council (FEC), has approved $1.9billion for the procurement of equipment for improvement of the power sector, with the aim of boosting power supply to consumers in the country

绿帽献妻 reports Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, disclosed this development to the State House Correspondents Wednesday, December 15, 2021, at the end of the weekly Federal Government鈥檚 cabinet meeting chaired by President Muhammadu Buhari.

Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning

The Minister said: 鈥淟adies and gentlemen, today (Wednesday) the Ministry of Power and the Ministry of Finance, Budget and National Planning, presented two joint memos regarding the Presidential Power Initiative.

鈥淭he first memo that we presented to council was seeking Council鈥檚 approval for the engagement of Africa Finance Corporation (AFC) as transaction advisers with third party consultants for the implementation of the Presidential Power Initiative (phase one).鈥�

Mrs. Ahmed also stated: 鈥淪o, the AFC, the transaction advisers, their fee is $800,000 US Dollars, and the transaction period is 18 months; and this includes their reimbursable expenses.

鈥淭he 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.

鈥淭hese parties are collectively engaged in the sum of $1,116,312.45 US Dollars. The objective of the PPI project is to modernise and upgrade power transmission and distribution infrastructure in Nigeria.鈥�

She further highlighted that part of the money would be used for the procurement of mobile equipment for the transmission of power across the country.

Ahmed further noted: 鈥淭he second approval that we got from Council 鈥� is still relating to the PPI power project and the memo was seeking the approval of Council for the award of contracts for the procurement of mobile equipment for the transmission power component of the project.

鈥淪o, the procurement of 10 mobile equipment and 10 transformers was approved.

鈥淭he 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鈥檙e able to push because this equipment will be manufactured specifically for us.鈥�

The Minister also explained the focus is to be able to very quickly enhance the power availability and capacity in the country.

鈥淲ith this particular approval, we鈥檒l be able to expand from the current capacity of 5000 megawatts to 7000 megawatts,鈥� Mrs. Ahmed stated.

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