The Federal Government is to borrow $1.15 billion for its power reforms this year just as the Niger Delta Power Holding Company (NDPHC) which supervises the National Integrated Power Projects (NIPP), said that Nigeria’s power generation capacity in the current year will exceed 7,000 mega watts, far above the 4,264MW recorded in 2012.
Labaran Maku, minister of Information, said that $1 billion will be secured from the African Development Bank to finance gas supply, while another $150 million will be secured from the same bank to finance the liberalisation of the power sector, according to a Premium Times report monitored by Sahara Reporters.
The Federal Government's decision to go ahead with the loan is despite condemnation from economists, civil society groups and opposition parties that Nigeria's debt was growing without any real benefit to show for it, the report said.
No comments:
Post a Comment