The Federal Executive Council on Wednesday approved a total of N8.6billion for the funding of the electricity deal with German power firm, Siemens AG.
President Muhammadu Buhari presided over the meeting, which was held virtually at the State House, Abuja.
The money had a €15.21 million ( or N6.9bn) offshore component and another N1.708bn, totalling N8.6bn.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who spoke with State House Correspondents after the meeting, said she jointly presented the memo on the issue with the Minister of Power, Saleh Mamma, to the FEC.
She said the money was part of Nigeria’s counterpart funding of the bilateral deal with a consortium of German firms and guaranteed by the German Government through Euler Hermes.
It is to finance the implementation of the end- to-end grid modernisation and expansion programme of the power sector in Nigeria, as spelt out in the Nigeria Electricity Road Map.
Recall that in December 2019, the Nigerian Government already allocated N61bn to the programme.
This came after Nigeria and Siemens signed an understanding on the road map in July of the same year.
It also came out of an understanding reached between Buhari and German Chancellor, Angela Merkel, during their August 31, 2018 meeting in Abuja.
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