A payment of $100 million has been paid as part of Nigeria’s counterpart fund in the Presidential Power Initiative (PPI) being undertaken by German power firm, Siemens.
Chairman, Senate Committee on Power, Senator Gabriel Suswam, disclosed this at the Nigeria Oil and Gas (NOG) conference during his presentation on the topic: ” Developing the Power Sector Policy for an Emerging Economy”.
He said the Minister of Power, Abubakar Aliyu, revealed the development to the Senate committee during a meeting with committee members on Tuesday.
“The government has paid that $100 million for the project so that someone can quickly activate that contract, so that the power deficit, which has militated against proper servicing of the industry, will come to an end.
“And so this issue of grid collapse will become a thing of the past. We will be able to address the issues, fix the infrastructure, and then we’ll increase power supply to about 7,000 megawatts as it stands now,” Suswam said.
