fbpx
COVERNEWSNEWSLETTERPOWER & ENERGY

Insecurity, Funding Delaying 700MW Zungeru Power Project – Minister

N388bn NBET Debt, Gas Shortage Affecting Power Generation - Egbin

The Minister of Power, Abubakar Aliyu, says insecurity and delay in the release of funds by the Exim Bank of China are some of the constraints hindering the completion of the 700-megawatt Zungeru hydroelectric power project.

Aliyu, in a statement by the Federal Ministry of Power on Friday, said other challenges include COVID-19 and cost adjustment.

He also informed the contractors of efforts by his ministry, through the Federal Ministry of Finance, to resolve the issue of opening an escrow account in a commercial bank prescribed in the Subsidiary Loan Agreement with Exim Bank of China.

READ ALSO: Zungeru Power Plant To Inject 700MW Of Electricity Into National Grid

The Federal Government has directed the contractors handling the power project to ensure the completion of the facility before December 28, 2021.

The Minister of Power, Abubakar Aliyu, gave the directive in Abuja while hosting the contractors, Messrs. CNEEC-Sinohydro Consortium, for the engineering, procurement and construction of the project.

He assured the CNEEC-Sinohydro of the Federal Government’s resolve to surmount the challenges faced by it in the discharge of its duties.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.