The federal government of Nigeria said it has adopted a holistic approach towards addressing the infrastructural decay and other challenges facing the electricity industry.
Babatunde Fashola (SAN), the Minister of power, works and housing, stated this, when he hosted visiting assessment delegation from the International Monetary Fund (IMF) in Abuja.
Fashola who was represented by the Minister of State for power, works and housing, Mustafa Baba Shehuri, said various steps are being taken, not only to tackle the problems of generation, transmission and distribution, but also to ensure that the right facilities are installed by certified qualified technocrats.
He said support in loan agreement in the sum of $273 million (about N 103, 194 billion) has been allocated to Nigeria Bulk Trading Company to provide partial risk guarantee for the off-taker and also the $200 million (about N 54, 600 billion) from the African Development Bank for grid upgrade plan is also concluded for the Transmission Company of Nigeria.
According to him, “Government had taken bold steps to harness the solar powered projects by signing off on the Power Purchase Agreements (PPAs), with 14 companies located in 9 states and FCT .This will bring to the national grid 1,150MW of solar energy.
He further said, “We are expecting that at end of the year, our generating capacity will be over 6,000MW by end of 2016, 10,000MW in 2019 and 30,000MW in 2030”, Today reports.