The federal executive council (FEC) has approved $1.9 million and €62.9 million for phase one of the presidential power initiative (PPI). PPI is a power upgrade and modernization programme between the Nigerian government and Siemens with the support of the German government.
Zainab Ahmed, minister of finance, budget and national planning, said this on Wednesday while addressing state house correspondents after the weekly FEC meeting in Abuja.
Speaking on the recent development, Ahmed said $1.9 million will be used for payment of transactions advisors and third-party consultants for the power project, €62 million will be used for the procurement of mobile equipment and transformers for the transmission of power across the country.
“So, 10 mobile equipment and 10 transformers in favour of Siemens AG.
“With this particular approval, we’ll be able to expand from the current capacity of 5000 megawatts to 7000 megawatts.”
– The Cable