MINISTER of Power, Works and Housing, Babatunde Fashola, yesterday disclosed that the Federal Government has accessed the second tranche of $50 million African Development Bank (ADB) budget support facility while negotiation is ongoing on $100 million HSBC and $200 million Rand Merchant Bank facilities to fund the completion of its major power projects.
Fashola who spoke at the hearing of House of Representatives committee on Power, identified the projects which the Federal Government has set 2016 completion deadline to include the ongoing 3,050MW Mambilla hydroelectric power project and Zungeru 700MW hydroelectric power project.
Other projects are 215MW Kaduna power project, 10MW Katsina wind farm project and 81 transmission projects to ensure available stranded power stations can evacuate their capacity.
The minister who was represented by the Permanent Secretary of the Ministry, Louis Edozie, explained that Ministry had proposed a total sum of N431,637,856,934 for capital projects while N741,900,019 was for overheads for the 2016 fiscal year.
To fund the capital component of the budget, the Federal Government is to provide N99,344,125,696 while additional sum of N309,722,157,561 would be provided by Debt Management Office (DMO) and or Central Bank of Nigeria (CBN) to ensure payment assurance for the entire electricity industry would be obtained from various sources.
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