Home Business FG to Save $1bn Annually from Siemens’s Power Deal

FG to Save $1bn Annually from Siemens’s Power Deal

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The Federal Government has revealed that the Siemens $2 billion power deal, under the Presidential Power Initiative (PPI), will save the nation over $1 billion annually.

The nation, according to the Minister of Finance, Zainab Ahmed, loses over $1 billion annually due to technical and commercial inefficiencies along the electrification value chain. She said: “The PPI will help eliminate these inefficiencies and unlock economic value for the country.”

The FG has approved the sum of N8.64 billion as part of counterpart funding for the Presidential Power Initiative (PPI), which is also known as the Siemens Project.

Tolu Ogunlesi, a media aide to President Muhammadu Buhari had said that the approval of Phase 1 of the PPI includes projects in transmission, distribution, metering, simulation & training.

He said, “This Phase 1 focused on “quick-win” measures to increase the end-to-end operational capacity of Nigeria’s electricity grid to 7 GW. Transmission projects proposed under Phase 1 include 132/33 kV Mobile Substations; 132/33 kV(60 MVA) Transformers, and Containerized GIS Substations.”

 

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