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Power sector: FG sinks more funds despite low performance

 

To boost electricity supply, the Federal Executive Council (FEC), presided over by President Muhammadu Buhari, again approved multi-billion naira contracts for the power sector yesterday.

Minister of Power, Abubakar Aliyu, while briefing State House correspondents, said all three memos presented by his ministry scaled through, adding that the approvals were for the purchase of major electricity transmission equipment.

According to him, the cost of the projects, which includes procurement of power transformers and construction of 260km transmission line in Kebbi State, will cost N21.7 billion.

He also disclosed that the Council approved a contract of N853.25 million to engage consultants that will prepare the concessioning of Ajaokuta Steel Plant and National Iron Ore Complex, Itakpe, in Kogi State to prospective bidders.

The Minister of Science and Technology, Ogbonnaya Onu, on his part said FEC approved Nigeria’s Revised Energy Policy (2022). He explained that the revision of the policy became imperative to enable Nigeria take optimum advantage of all the available sources of energy in the country.

He noted that Nigeria has abundance of crude oil, fossil fuels, and variants of renewal energy (solar, hydro, wind, geothermal and biomass), in commercial quantities, and a good mix of all these will greatly improve energy supply in the country.

This is coming two weeks after the Council approved N1.4 billion for purchase of additional equipment for the Transmission Company of Nigeria (TCN), as part of efforts to improve power supply in the country.

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