Federal Government has allocated N61 billion for the Nigeria Electrification Road mapwhich will be developed in partnership with Siemens AG.
In July 2019, the government and Siemens signed a Letter of Agreement on the Nigeria Electrification Road map after President Muhammadu Buhari and the German Chancellor, Angela Merkel met on August 31, 2018, in Abuja.
Nigeria may spend about €3.11 billion or N1.15 trillion across four major states. The Nigerian electrification project has three phases and it aims at achieving 25,000 megawatts of electricity in the country by 2025.
President Buhari is working in line with his Independence Day speech where he spoke on plans to reform the power sector.
“In August this year, we launched the Presidential Power Initiative to modernise the national grid in three phases: starting from 5 gigawatts to 7 gigawatts, then to 11 gigawatts by 2023, and finally 25 gigawatts afterwards.”
The fund is not included in the 2020 budgetbut in the 2020-2022 Medium-Term Expenditure Framework. It was disclosed that the amount was provided for the Presidential Power Initiative, and according to report by Punch.
Power projects in the budget include the 3,050-megawatts Mambilla hydropower plant in Taraba State, for which N2 billion counterpart-fund was set aside. Others are 2x60MVA 132/33kV substation at Gwaram in Jigawa State (N717m); 215MW power station in Kaduna (N190m); and Kashambilla transmission in Taraba (N506m).