Nigeria’s cabinet on Wednesday approved the sum of 3.7 million Euros as contract variation for the Transition Company of Nigeria to procure some equipment and complete the construction of two sub-stations that will help boost electricity supply in the country.

The Minister of Power, Abubakar Aliyu revealed this while briefing State House Correspondents at the end of this week’s cabinet meeting chaired by President Muhammadu Buhari.

He said: “Today, I presented a memo on behalf of the Transition Company of Nigeria to the Council and it approved the variation due to escalation of prices for the supply of equipment and the construction of 132 33KV substations at Nnewi and 132 KV line bay extension at Onitsha, both in Anambra State.

“The approved amount for the variation is 3.7 million Euros plus N1.137 billion inclusive of 7.5 percent Value Added Tax, with a completion period of 18 months.”

The Minister disclosed that the contracts started in 2006 but were abandoned due to lack of budgetary provisions.

Minister of State for Budget and National Planning, Clement Agba, who also briefed Journalists, disclosed that the Council approved six medium-term development plans for Nigeria, which will run from 2021-2050, dealing with various specifics.

“The broad objectives are to create a stable and predictable macro-economic environment by adopting policies that are consistent with raising domestic savings and investments, to establish a solid foundation for a concentric diversified private sector-led economy as well as create a more resilient business environment that creates and support opportunities for Nigerians to realise their potentials, among others.”

Agba said the plans were developed in collaboration with the sub-national governments, the three main political parties, PDP, APC and APGA as well as the organized labour, the youth and women folks, religious bodies and traditional institutions.

Source: Voice of Nigeria © 2023. All Rights Reserved