Friday, October 30, 2020

FG to invest N198.28bn in power projects

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The Federal Government is to invest N198.28bn on various capital projects in the power sector in different parts of the country in 2021.

Sectors in the power industry have been mapped out to partake in the N198.28bn fund for capital projects in the 2021 budget proposal that was recently submitted to the National Assembly.

The Federal Ministry of Power will make the largest investment as it targets to invest N173.78bn on capital projects during the period.

National rural electrification, managed by the Rural Electrification Agency, will invest N17.86bn on power infrastructure development in rural communities.

The Nigerian Electricity Regulatory Commission plans to invest N294.1m on capital projects, while capital projects to be handled by the Nigerian Electricity Management Services Agency will gulp N441.1m.

The allocation for capital projects to be handled by the Transmission Company of Nigeria, as contained in the budget, is N4.69bn