» »Unlabelled » Xclusive: Federal Government Of Nigeria Borrows $1.6Bn To Aid Power Transmission

The Minister of Power, Professor Chinedu Nebo said the Federal Government has borrowed $1.6 billion (about n240 billion) foreign loans for the expansion of power transmission facilities in the country. The Minister said this, after a meeting of the Presidential Action Committee on Power (PACP) at the presidential villa. The closed door meeting, which lasted for over two hours, was presided over by President Goodluck Jonathan, and it had in attendance the Vice President Mohammed Namadi Sambo and several other ministers. According to Professor Nebo, the loan is coming from the World Bank, the African Development Bank, the Euro Bond Issue and the Chinese Exim Bank. He said: much of the deliberations cantered on expanding the transmission network in Nigeria to ensure that all the power generating plants that Nigeria is now building and commissioning, have adequate capacity to pull out power.

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