FEC meeting presided by President Muhammadu Buhari on Wednesday
THE Federal Executive Council (FEC) on Wednesday approved payment of €15.21m and N1.708 billion towards the counterpart funding for the Presidential Power Initiative, a power upgrade and modernization program between Nigeria government and Siemens AG of Germany, with the support of the German Govt.
In a Presidential release after the meeting, it was stated that today’s Council approval is a ratification of President Buhari’s earlier approval, and his directive to the Ministries of Finance and Power to commence the pre-engineering and financing aspects of the Presidential Power Initiative (PPI)
Recall President Buhari in May directed the Ministries of Power and Finance, and the Bureau of Public Enterprise (BPE) to conclude the engagement with Siemens AG to commence the pre-engineering & concessionary financing aspects of the Presidential Power Initiative.