The Federal Executive Council (FEC) has approved €161.33 million for the Siemens Power Project, a key part of the Presidential Power Initiative, and N1.7 billion for the purchase of an office complex for the Nigeria Electricity Liability Management Company (NEMCO).

The announcement was made by Adebayo Adelabu, Minister of Power, following the FEC meeting presided over by President Bola Ahmed Tinubu at the State House, Abuja.

The Siemens project focuses on upgrading Nigeria's transmission infrastructure, with Phase One involving the engineering, procurement, construction, and financing of upgrades to 14 substations and the construction of 21 new ones nationwide. Five substations, including the Onitsha, Offa, Abeokuta, Ayede, and Sokoto substations, have been prioritized for immediate upgrades. Adelabu stated that the initiative addresses transmission bottlenecks and aims to stabilize the power sector.

He further noted the project aligns with discussions between President Tinubu and German President Frank-Walter Steinmeier, aimed at fast-tracking the initiative to improve Nigeria's power supply.

Additionally, the FEC approved N1.7 billion for NEMCO's office complex in Abuja's Wuse 1 District, a move to reduce rental costs and accommodate the company's expanding workforce. The purchase includes a 7.5% VAT, with Adelabu highlighting the operational benefits of owning the facility.

Source: thenationonlineng.net