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The sector requires $40 billion in funding
- Funding to help boost supply in the country
- FG plans to invest in SCADA
Special Adviser to President Muhammadu Buhari on Infrastructure Ahmed Zakari has said, the Nigerian power sector requires at least $40 billion in immediate funding to address the current sector challenges. He stated that the sector faces fiscal, regulatory and infrastructural challenges. He added that the current tariffs are insufficient to cover the cost of electricity supply to consumers.
Zakari noted the various interventions of the Federal Government in the sector, such as the National Mass Metering Program (NMMP) to close the metering gap in the country, the Siemens deal aimed at improving the sector’s infrastructure as well as several funding interventions from the Central Bank of Nigeria (CBN) and other donors partners. He noted the Federal Government’s plans to invest in SCADA to improve transmission efficiency.
”What we are doing is to find all available financing, for instance, the emergency funding from the central bank on metering, in-network CAPEX, as well as transmission and distribution interfaces. Those are being spent now”, he said.