Ministries of Power and Finance have secured approval of the Federal Executive Council, FEC, to engage Africa Finance Corporation, AFC, as transaction advisors with third party consultants for the implementation of phase 1 of the Presidential Power Initiative, PPI.
Minister of Finance, Hajia Zainab Ahmad, told newsmen in Abuja that their fee was 800,000 dollars, including their reimbursable expenses, explaining that the transaction period is 18 months.
She said the second component was the engagement of third party consultants, comprising local and international legal advisory firms, environmental and social impact assessment consultants, security consultants, insurance advisors, as well as tax and model auditor.
According to her, the parties are collectively engaged in the sum of over 1 million dollars.
She explained that the PPI project was aimed at modernising and upgrading power transmission and distribution infrastructure in country.
Approval was also given to the 2 ministries to procure 10 mobile equipment and 10 transformers, to be specifically manufactured for the transmission power component of the project.
The total cost of the procurement, according to her, is in the sum of about 63 million euros, with a delivery period of 12 to 18 months.
Hajia Zainab Ahmad stressed that with this particular approval, Nigeria would be able to expand from the current capacity of 5000 megawatts to 7000 megawatts.
END BELLO WAKILI