New Telegraph

February 23, 2024

FG invests $2.5bn in power transmission, distribution

The Federal Government has said it has invested over $2.5 billion in power transmission and distribution through the Siemens Presidential Power Initiative and others.

 

Vice President Yemi Osinbajo said this yesterday, at the Presidential Villa, Abuja, while virtually inaugurating the National Council on Infrastructure, which he chairs. Speaking further, he also called for collaboration with the private sector in order to bridge the nation’s infrastructure deficit.

 

According a statement by his spokesman, Laolu Akande, Osinbajo said: “The Administration is investing more than $2 billion in Distribution and Transmission through the Siemens Presidential Power Initiative, the Transmis  sion, Rehabilitation and Expansion Plan, the CBN financed Transmission- Distribution Interface Programme and the recently approved $500 million World Bank DISREP programme for the Distribution segment.”

 

On need for collaboration with the private sector, Osinbajo pointed out that the estimated $2.3 trillion resource required to bridge the nation’s infrastructure could not be provided solely by the government but with the partnership with the private sector.

 

“For efficient and effective implementation of infrastructure projects, the National Integrated Infrastructure Master Plan recommended the establishment of the National Council on Infrastructure and its Technical Working Group (TWG),” he disclosed.

He added that the plan was developed to provide “an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities.”

 

According to him, the plan took stock of existing infrastructure and specifically set out the goal of raising Nigeria’s infrastructure stock to at least 70 per cent by the year 2043.

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