Published On: Thu, May 16th, 2019

FEC approves $1bn China EXIM loan for power project

Share This
Tags

By Lawrence Olaoye

The Federal Executive Council (FEC) has approved a $1 billion Chinese Export and Import (EXIM) Bank loan for the Gurara II Hydropower project with the capacity to generate 360 megawatts of electricity.
Briefing newsmen after the weekly FEC chaired by President Muhammadu Buhari, Minister of Water Resources, Sulieman Adamu, said “The Federal Executive Council meeting approved four memos from the ministry. The first memo, Council approved $1 billion Chinese loan from Chinese EXIM Bank for the Gurara II Hydropower project which has the capacity to generate 360 megawatts electricity.
Council also approved N5.7 billion revised total estimated cost for the completion of Nkari Dam in Akwa Ibom.
Council also approved the appointment of a consultants for the resuscitate the Gari Irrigation Project in Kano/Jigawa States. Council had in 2017 approved for the resumption of the project which was earlier abandoned for 17 years. The consultant is the same appointed in 1998. The contractors are already on site
Council also approved the revised estimated total cost of N10.4 billion for the completion of Ile Ife Dam in Osun State. The project was started in 2004 and abandoned. The completion period is 24 months.”
Minister of Power, Works and Housing Babtunde Raji Fashola, who also briefed said that the Council approved the sum of N7.197 billion for the construction of interchange and pedestrian bridge at Abaji in order to address the perennial problem of accidents in the place.
“The second memorandum was for the procurement of 200,2017 meters by Yola Electricity Distribution Company Under the Meter Asset Providers Scheme. As you might know,Yola Electricity Distribution Company is the DISCO that was surrendered to by the original holder. So it’s under the Federal Government’s management. So they are buying 200,217 meters for consumers under their franchise which covers Adamawa, Borno, Taraba and Yobe States.
The cost of those meters is N11.208 billion. It is to be funded from the judgement sum that I previously briefed you about two years ago that council approved a compromise from an old meter’s supply dispute since 2003. So that money is in a bank, it has been there, so that is where these meters would be funded from and as consumers pay back the meters as they are supplied, the money goes back into that account.”
Audu Ogbe, Minister of Agriculture and Natural Resources, in his briefing disclosed that the Council approved the sum of 9.47 billion for the purchase of grains to reinforce the Grains Reserves.
According to him, the ministry got approval to buy 61,000 tons of maize, millet and Sogum and that will begin shortly.
“We also informed council of the problem we have with Nigeria grains especially maize, sesame and groundnut. An infestation called aflatoxin which the Minister of Health confirmed is a very big threat to the liver and the kidney of most consumers.
Luckily, IITA has found a product which they produce in large quantities which they now send to Africa for treating the farms, the Silos and the sacks in which we put the grains to eliminate aflatoxin.
The product which they produce is called Afflasafe. We buy the grains, treat the Silos and store the grains in Silos so that if there is emergency anywhere in the country, or there is a shortage, a flood and there is no food, we can draw from what we have in the Silos and distribute to the needy areas in the country.”
The minister also disclosed that Nigeria has saved $21 billion from banning the importation of grabs by manufacturers I the country.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>