The Minister of State for Power, Mr Goddy Agba has uncovered that the Federal Government intends to spend about $2.3 billion in the primary period of the Presidential Power Initiative (PPI) venture, pointed toward expanding the country’s capacity bandwidth to 7,000megawatts (Mw).
As per Agba, the goal was to build the bandwidth from the flow level of simply over 5,000Mw to 7,000Mw in this way attracting the nation closer to it’s power dependence objective.
“The PPI is organized into different three stages, pointed toward expanding power conveyed to Nigerians to 7GW in first stage, 11GW in the subsequent stage and 25GW in third stage.” Agba said during the Nigerian Energy Forum (NEF 2020) Webinar in Lagos, labeled: Energy Solution for Sustainable Recovery.
“The task is to be executed at the expense of $2.3billion shapes the stage 1 of the PPI and is supported by an advance from a consortium of German Banks for 85 percent of the agreement total; while 15 percent partner subsidizing is given by the national government.
“A Special Purpose Vehicle (SPV) called FGN Powerco is currently being set-up following Mr President’s endorsement. The SPV will distribution center the task’s unexpected risk for responsibility.
“We have likewise established the Nigerian Project Management Office (PMO) with the sole duty of giving undertaking the executives of the venture for the benefit of the administration,” he said.
Agba additionally declared that the legislature will actualize the Transmission Enhancement Program with key advancement accomplices to improve the part.
“The World Bank, African Development Bank (AfDB), JICA have raised $1.6 billion for Transmission Rehabilitation and Expansion Program (TREP), which is progressing now with significant undertakings as follows:
“The Alaoji-Onitsha, Delta Power Station-Benin and Kaduna-Kano at $410 million and $29 million is expected to fabricate a 330kV Double Circuit 62KM line between Birnin Kebbi and Kamba.
“The Lagos/Ogun Transmission Infrastructure Project (JICA) with $200 million, Abuja Transmission Ring Scheme (AFD)- $170 million and Northern Corridor Transmission Project (AFD and EU) with $274million,” he said.
Likewise talking, the Chief Executive Officer (CEO) Nigerian Electricity Regulatory Commission (NERC), Dr John Momoh, said the new levy set up would address the test from partners in power division. He additionally said meters would be accommodated identified clients in a year or two.