The Minister of Power, Sale Mamman, has revealed that a total of $6.15bn (about N2.37tn) has been secured for the power sector and is currently reforming the industry with the fund.
The Minister, who marked one year in office on August 21, 2020, stated that the fund was being used to improve the electricity supply experience of Nigerians.
The Special Adviser to the Minister on Media and Communications, Aaron Artimas, said the Minister was grateful to the president and pledged to deliver on the mandates of government in the power sector.
He was quoted in the statement as saying, “I am glad to state that to date, $6.15bn have been secured for infrastructural development. The total sum has been earmarked for critical projects”
According to the statement, $2.3bn was for the Siemens deal, while $1.6bn was for the Transmission Rehabilitation and Expansion Programme.
It said $1.7bn was for electricity distribution, $550m for the Nigerian Electricity Project, which is a rural electrification project being funded by the World Bank and the African Development Bank.
Mamman revealed that with the fund, the ministry had begun implementing critical infrastructure to guarantee the generation, transmission and distribution of 25,000 megawatts of electricity by 2025.
Nigeria currently generates about 5,000MW of electricity, which often fluctuates and hovers around 4,000MW.
But Mamman said the Siemens project would raise power to 7,000MW in the first phase, which had just commenced.
The expected projects under the Siemens deal include 105 substations rehabilitation, building 70 new substations, manufacturing and installing 35 power transformers and installation of 3,765 distribution transformers.
“There will also be over 5,000 kilometres of transmission lines to be constructed,” the minister affirmed.