FEC Okays $1.9b To Boost Power Supply

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: “Today, the Ministry of Power and the Ministry of Finance, Budget and National Planning, presented two joint memos regarding the Presidential Power Initiative.

“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).

“So, the AFC, the transaction advisors, their fee is $800,000 and the transaction period is 18 months and this includes their reimbursable expenses.

”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 modernise and upgrade power transmission and distribution infrastructure in Nigeria.”