FEC approves fresh $1 billion loan for a hydropower plant.

hydropower plant loan

FEC approves fresh $1 billion loan for a hydropower plant, saves $21b on imports.

The Federal Executive Council (FEC) has approved a $1 billion loan from Chinese EXIM Bank for the 360 megawatts capacity Gurara II hydropower project.

  It also sanctioned N5.7 billion as a revised contract of Nkari Dam in Akwa Ibom State.

  Minister of Water Resources, Suleiman Adamu, disclosed while briefing State House Correspondents at the end of the weekly meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

   He said: “The Federal Executive 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. It also approved the appointment of a consultant to resuscitate the Gari Irrigation Project in Kano and 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.”

  The minister added: “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.”

 Also speaking, the Minister of Agriculture and Rural Development, Audu Ogbeh, disclosed that the country had saved $21 billion on imports in the last three and half years.

  He announced that the FEC also approved N9. 47 billion for the purchase of grains in silos to address future shortages.

 Speaking, the Minister of Power, Works and Housing, Babatunde Raji Fashola confirmed that FEC equally gave a green light of N7.197 billion for an inter-change and pedestrian bridge at Abaji in Abuja.

  His words: “My ministry presented two memos. One was for the construction of an interchange and pedestrian bridge at Abaji in Abuja for N7.197 billion to address the perennial problem of accidents in that place which was approved by the council.

 “The second memorandum was for the procurement 200,217 meters by Yola Electricity Distribution Company under the Metre Asset Providers Scheme.”

 He went on:  “As you might know, Yola Electricity Distribution Company is the DISCO that was surrendered to (government) by the original holder. So it is under the Federal Government’s management. So they are theses meters under their franchise, which covers Adamawa, Borno, Taraba and Yobe states.

“The cost of the facilities is N11.208 billion. It is to be funded from the judgment sum that I previously briefed you about two years ago that council approved a compromise from an old meter supply dispute since 2003.”