FG to upgrade power transmission network with $1.5bn
Minister of Finance, Dr. Ngozi Okonjo-Iweala
The
Federal Government on Sunday said that $1.5bn (N240bn) had been
mobilised from various sources for the upgrade of power transmission
network in 2014 and beyond.
The government also stated that it would
set up a development financial institution to provide medium and long
term financing for industrialists and entreprenuers.
The Minister of Finance, Dr. Ngozi
Okonjo-Iweala, confirmed these developments in a document detailing
government plans for the 2014 fiscal year.
A copy of the plan was made available to journalists on Sunday night in Abuja.
She said the financing was part of the
efforts to ensure clear and sustainable benefits of the power sector
privatisation programme to the country.
The minister said, “Power transmission
remains with the Federal Government, with the management outsourced to
the Manitoba Hydro Company.
“$1.5bn in financing from various
sources have been mobilised for investment and upgrade of the
transmission network in 2014 and beyond.”
On the development finacial institition,
she said the need for its establishsment became imperative since lack
of access to affordable medium to long term credit was one of the
greatest problems facing Nigerian industrialists and entrepreneurs.
To realise this project, the minister
said the government was currently working with partners such as the
World Bank, the Africa Development Bank, the BNDES Bank in Brazil, and
KfW in Germany.
She also unveiled plans that the Bank of
Agriculture and the Bank of Industry will be re-structured as
specialised institutions to provide retail financing from this new
wholesale development bank.
The minister said the government would
continue to implement job creation programmes, noting that supporting
the creation of jobs by the private sector will continue to be a top
priority in 2014
“In spite of these jobs created, the
government is keenly aware that more jobs are needed to support our
growing population. This is why the 2014 budget is focused simply on
jobs and inclusive growth.”
On the Subsidy Reinvestment and
Empowerment Programme, the minister said as of October 2013, N134.6bn
had been spent to support various programmes and job creation
initiatives.
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