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FG to invest N47b in 40mw power supply

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… Over $1b in farming

… Orders purchase of made-in-Nigeria goods only

FEDERAL government has approved N47 billion for the provision of additional 40 megawatts of electricity to the national grid.

  Minister of Power, Saleh Mamman, disclosed this yesterday while speaking after the maiden virtual Federal Executive Council (FEC) meeting that was presided over by President Muhammadu Buhari.

  According to him, the 40 megawatts would be evacuated from Kashimbilla Dam in Taraba State where it is currently being generated.

  “The council approved the ministry’s memo for the revised estimated total cost for the augmentation of the subsisting contract in the sum of N47, 235, 303, 821.90, to provide additional critical power grid infrastructure for the  full evacuation delivery and utilization of 40 megawatt, currently being generated form Kashimbilla, via Takum, Wukari, and Yandev, to the national grid,” he said.

  Speaking further, Mamman explained that the additional 40 megawatts will boost power supply in Taraba and Benue States as well as the entire North-East region.

  In his own briefing, Federal Minister of Agriculture and Rural Development, Sabo Nanono said that FEC approved a loan facility of about $1.2 billion for investment in the sector.

  According to him, the loan is for the purposes of agricultural mechanisation and job creation in the country that will cover about 632 local governments and 140 processing plants.

  “This is going to be a major revolution in the agricultural sector like we have never seen before. I think the executive council has done the right thing and has approved this. “The key to mechanisation is the establishment of 632 tractor serving centers across the country.

These serving centres will constitute tractor hiring skill, IT and admin office and a chemical workshop and store for storing inputs for agriculture and even output arising from agricultural sector,” Nanono said.

  Also, FEC ordered that only made-in-Nigeria goods and products would be patronised henceforth to save the nation’s foreign exchange and also help grow the economy.

  Federal Minister of Finance, Zainab Ahmed made this disclosure while responding to a question during her press briefing.

  According to her, this follows the impact of COVID-19 pandemic on Nigeria economy with unexpected shocks on 2020 budgetary provisions.

  “On prioritisation of made in Nigeria products, as you know the president has set up an economic stimulus committee chaired by the Vice President. The work of the committee is to develop 12 months economic stimulus plan and we are at the final stage of that work. We have prioritized spending in that plan to use and consume made in Nigeria.

For example some of the public works projects that will employ a lot of our youths is to be done using strictly our raw materials, so we don’t have to import bitumen for example to build our roads,” she said.

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