Despite consistent public criticism and protest against continued borrowing by the administration of President Goodluck Jonathan, the country’s Minister of Information, Labaran Maku has disclosed that the Federal Government is to borrow $1.15bn for the execution of some projects in 2013.
According to Maku who made the disclosure at a press conference on Monday, the amount is equivalent to N178bn and is to be sourced from the African Development Bank (ADB).
He confirmed that $1bn would be secured from the bank to finance gas supply while another $150m, also to be sourced from the same bank, would be used to finance the liberalisation of the power sector to accomplish its viability.
Maku disclosed that the target of the government is 7,000 megawatts of electricity in 2013 and commended the present administration for achieving 4,502 megawatts, which he described as the highest so far in the country.
He also disclosed that the government had completed 10 new thermal power plants in the current power roadmap, and that there are plans to boost electricity supply to all parts of the country in 2013. Therefore, more thermal power plants would be provided.
He stressed that some of the power infrastructure to meet the government target are already being put in place, and that the Kainji Hydro power station and the Shiroro-power station are abeing renovated.
“At the moment, there is an average of about 15 to 18 hours per day of constant power supply to different parts of the country,” he said, saying the feat was achieved through the implementation of the integrated power sector reform programme anchored on the Power Roadmap.
The minister further assured that the borrowing move is to ensure easy participation of the private sector in the power sector as, government has awarded new contracts for hydro power plants in Kaduna and Mambila Plateau for a target of an additional 750 megawatts.
