Buhari’s Government Moves to Boost Power Supply, to Invest $550 Million in Electricity

Buhari’s Government Moves to Boost Power Supply, to Invest $550 Million in Electricity

  • President Muhammadu said the Nigerian government is making plans to boost electricity supply in Nigeria
  • He said his government has earmarked about $550 million to boost power supply, saying that Nigeria is decentralising the national grid
  • According to Buhari, his government is making plans to built mini-grids and allow state governments to generate their own electricity

President Muhammadu Buhari has given assurance that international investors have nothing to fear as his government is taking steps to improve the power supply in Nigeria as national grids continue to collapse.

Buhari revealed that the country will be decentralising the national grid through renewable and mini-grids and also make laws that allow state governments to generate and transmit their own electricity, he told Bloomberg in an interview.

Buhari, Electricity
President Buhari
Source: UGC

$550 million lifeline for electricity

According to Buhari, the Nigerian government had set aside $550 million to provide 20,000 standalone Solar systems, including Solar Hybrid mini-grids in over 250 locations.

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Nairametrics reported Buhari as saying that the electrification project has deployed more than 20,000 standalone Solar Systems, including 250 locations.

Buhari said:

“We are also decentralising the national grid through renewable-driven mini-grids.
“The 550 million dollar Nigeria Electrification Project has deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid mini-grids in over 250 locations.
"He also added that his administration is working hard to improve the grid through the power initiative agreement with Siemens.
“Take my Presidential Power Initiative (PPI), a government-to-government initiative between the Governments of Nigeria and Germany, with Siemens AG, to upgrade the electricity grid with a 2 billion dollar investment.
“Once signed into law the constitutional amendment bill – recently voted through parliament – will allow state governments to generate and transmit their own electricity, further facilitating investor participation in our market and enabling states and local businesses to transmit excess supply to the grid.”

Why I cannot sack Emefiele, remove fuel subsidy, Buhari says

Recall that Legit.ng reported that President Muhahammdu Buhari has stated the reason the Central Bank of Nigeria’s governor, Godwin Emefiele is still in office despite what many said is a political stance of Emefiele, the rising inflation, tumbling naira and chocking cost of living.

In a interview, with Bloomberg, Buhari expressed deep confidence in the Emefiele-led Central Bank and the bank’s ability to handle Nigeria’s economic woes, stating why his government has not removed the fuel subsidy.

This is despite the report by the World Bank, stating that multiple exchange rates, trade restrictions and public deficit financing are factors that could damage Nigeria’s business environment.

Source: Legit.ng

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