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Market Digest Nigeria

Economy

Buhari approves N47.2bn to expand power generation by 40 megawatts

The Nigerian government has endorsed the sum of N47.2 billion, aimed at lifting power generation in the country by 40 megawatts (mw).

Kashimbilla Dam, located in Taraba State, is expected to supply the proposed quantity to the national grid once project work is completed.

Sale Mamman, the Power Minister, speaking to reporters after the Federal Executive Council (FEC) meeting on Wednesday, listed Benue State and North Eastern states as its beneficiaries.

“The council approved the ministry’s memo for the revised estimated total cost for the augmentation of the subsisting contract in the sum of N4,235,303,821.90, to provide additional 40 megawatts, currently being generated from Kashimbilla, via Takum, Wukari and Yandev, to the national grid,” he said.

Nigeria stands a chance of losing roughly 120 gigawatts of electricity equivalent to $9 million annually if it fails to evacuate the 40mw, Mr Mamman further stated.

The council similarly approved N683 million to the Nigerian Ports Authority (NPA) for the purchase of 19 operational vehicles.

“The council kindly approved the sum of N683,613,000 for the purchase of 19 vehicles for the NPA.

“This is the first time in four years that the NPA is buying any vehicle; that is why the council considered and approved it,” said Rotimi Amaechi, the Minister of Transportation, stressing that the vehicles were strictly for operational activities and not for use by management staff.

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