The Federal Government has concluded plans to borrow $1.15 billion (N178 billion) for its power reforms in 2013, the Minister of Information, LabaranMaku, has said.
Mr.Maku said on Monday at a news conference 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.
It said while talking about the achievements of the Jonathan administration, the minister also said that the current electricity generation in the country had reached 4,502 megawatts, the highest in recent times. According to him, electricity generation is expected to move up to 7,000 megawatts in 2013.
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