VENTURES AFRICA – Nigeria on Wednesday approved a loan of N15.7 billion (about $100 million ) from the Indian Import Export Bank to boost power supply in three of its 36 states. The loan used to finance power infrastructure in Cross Rivers, Enugu and Kaduna states, Dr. Yerima Ngama, the Minister of State for Finance said. "We believe that this facility will go a long way towards transforming our industrial areas and other communities as part of Mr President's commitment to economic transformation agenda.'' According to local reports, Ngama also indicated that $30 million would be allocated to Cross-Rivers state for the development of the Calabar Independent Power Project . Enugu state will get $40 million (about N620 million) for the electrification of 96 communities while $30 million will be given to Kaduna to augment the resources needed for the construction of the 70 Km transmission line from the Gurara Dam to Kaduna industrial area. Part of the fund will be used for the construction of 132 KVA and 33KVA sub-stations for power supply to the Kaduna industrial area as well as the distribution of transformers and other accessories to the 96 communities in the three Senatorial Zones of the state, according to Ngama. He said the facility was taken at 2 percent interest rate to be repaid over a 10-year period with three years moratorium.
http://www.hispanicbusiness.com/2013/11/23/nigeria_to_boost_power_in_3.htm

Then turn around and sell the same power infrastructures to their cronies for 10 kobo each in the name of privatization at the expense of poor Nigerians......


Oponuchukwu kwenu.... smh.

agbameta: Then turn around and sell the same power infrastructures to their cronies for 10 kobo each in the name of privatization at the expense of poor Nigerians......


Oponuchukwu kwenu.... smh.

Eko ile,Are you mad because the project is not sited in your state?
At least they are not going to spend N1billion per MW nor are they going to build a 10 MW generator like some gov. and call it an independent power plant, but they are going to build something worthwhile.

Which 96 communities in Enugu have no electricity? Hallo! I thought the state government have spent billions of Naira over the last decade for provision of electricity to rural communities. Someone is not telling the truth here

68 billion Naira only for rural electrification in Coal city state? Another loan the state taxpayers will definitely repay someday with unknown interest rate.